Pirelli’s board has voted to strip Chinese conglomerate Sinochem, its single largest shareholder, of control over the Italian tyre company amid clashes over its governance.
The Milan-based group on Monday said the board had backed a proposal that the Chinese group be no longer regarded as a controlling shareholder, despite having a 37 per cent stake and was considered a controlling shareholder for regulatory purposes.
The move follows years of disputes over governance at Pirelli, which has included Prime Minister Giorgia Meloni’s government imposing limitations on state-owned Sinochem’s shareholder rights in the tyre company.
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