EventsEventsPodcasts
Loader
Find Us
ADVERTISEMENT

Italy limits China's control of tyre-maker Pirelli

Pirelli technicians check tires during a testing session of Pirelli Formula One.
Pirelli technicians check tires during a testing session of Pirelli Formula One. Copyright Claude Paris/AP
Copyright Claude Paris/AP
By Euronews
Published on
Share this articleComments
Share this articleClose Button
Copy/paste the article video embed link below:Copy to clipboardCopied

The decision is part of measures announced by Italy's government to protect the company's independence.

ADVERTISEMENT

Citing national security concerns, Italy has blocked China's Sinochem from extending its control of tyre maker Pirelli. 

Beijing-controlled chemical giant Sinochem is Pirelli's biggest shareholder, with a 37 per cent stake in the 151-year-old Milan-based firm.

The new restrictions imposed by Prime Minister Giorgia Meloni's government will prevent it from appointing a CEO or pushing through strategic policy decisions.

The government noted concerns about access to sensitive technology, saying: "Risks associated with it require structural safeguards that go beyond the temporary nature of the shareholders' agreement."

It comes as tensions between Beijing and the West are in focus as the US secretary of state visits China.

Share this articleComments

You might also like

'Teflon Mark': Will Rutte's political survival kit help him navigate an increasingly complex NATO?

China's second-quarter GDP falls short of expectations

'China is a threat to our security,' NATO deputy chief tells Euronews