Pirelli Confirms Italian Government Restricts Chinese Influence
Breaking News – Pirelli, the Italian tire maker, announced that the Chinese state-owned company Sinochem’s influence will be limited. The decision includes restricting their ability to nominate a new chief executive.
To ensure Pirelli’s independence the China National Tire and Rubber Corp., a Sinochem Group company, must grant full autonomy for strategic, industrial, and financial plans.
Italy’s “golden power” rule empowers the government to intervene in matters of national public interest. This ruling also extends protection to Pirelli’s technology.
In an effort to maintain national interests, Pirelli’s announcement highlights the measures taken to uphold autonomy and safeguard against external control.
