On Monday, Pirelli revealed that Chinese investors CNRC and its subsidiary Marco Polo International have simultaneously lodged appeals with an Italian regional administrative court over specific government requirements tied to their ownership of the tyre manufacturer.
On Monday, Chinese investors China National Tire & Rubber Corporation and its subsidiary Marco Polo International have lodged separate appeals with an Italian regional administrative court regarding government-mandated conditions tied to their Pirelli holdings.
Related ↗British companies halt recruitment amid Iran conflict impact, REC research indicates.China's state-owned Sinochem has its interests represented by CNRC, a subsidiary that operates through a separate entity, Marco Polo International, based in Milan. This vehicle owns a significant 34.1% share of Pirelli, making it the company's largest shareholder.
A petition has been filed to overturn provisions introduced by the Italian government's "golden power" regulations, effective since April, allowing for conditional approval of strategically significant investments.
Read next ↗Tate & Lyle accepts a £2.7 billion all-cash acquisition from Ingredion.Italy reduced the number of Sinochem nominees for Pirelli's board to three in April, a move aimed at preventing potential US sanctions against the Italian company.
The Pirelli company assured that their lawsuit will not impact the upcoming shareholder meeting on June 25 as usual.
Pirelli Monday,Chinese investors China National Tire & Rubber Corporation and its subsidiary Marco Polo International have lodged separate appeals with an Italian regional administrative court regarding government-mandated conditions tied to their Pirelli holdings.
China's state-owned Sinochem has its interests represented by(600500.SS)a subsidiary that operates through a separate entity, Marco Polo International, based in Milan. This vehicle owns a significant 34.1% share of Pirelli, making it the company's largest shareholder.
Among reduced the number of Sinochem nominees for Pirelli's board to three in April, a move aimed at preventing potential US sanctions against the Italian company.
