Marco Polo International Italy (MPI), a subsidiary of China's Sinochem Holdings Corp Ltd, issued a statement expressing its deep disappointment and strong opposition regarding an assessment by Italian tire maker Pirelli's board of directors concerning the company's control structure.
Pirelli's board announced on Monday that it no longer has a controlling shareholder. MPI, however, contends that under Italy's "Golden Power" regulations, its position as a controlling shareholder remains intact, citing the absence of any legal provision that would alter its rights.
Discussions around Pirelli's governance have gained renewed attention in the Italian media.
Marco Tronchetti Provera, executive vice-chairman of Pirelli and a principal figure behind Camfin — an investor in Pirelli — has in the past emphasized the importance of operational autonomy for the company. Analysts and commentators have observed that recent corporate maneuvers may reflect an effort to rebalance influence within Pirelli's management structure, although no accusations of wrongdoing have been made.
China National Chemical Corp (ChemChina), now part of Sinochem Holdings, together with the Silk Road Fund, acquired Pirelli in 2015 through a tender offer. Following the acquisition, Pirelli restructured its operations, spinning off its industrial tire business and refocusing on high-end consumer tires, subsequently relisting on the Borsa Italiana stock exchange.
At the time, the partnership was publicly characterized by both sides as mutually beneficial, with ChemChina supporting Pirelli's expansion into China and other key markets. Tronchetti Provera remained in leadership roles following the transaction. He praised the deal as a "wonderful marriage".
China has since become a critical market for Pirelli, particularly given the growth of the new energy vehicle sector, which has contributed positively to the company's financial performance.
Recent media coverage, including reports from Zonebourse and Domani, analyzed the evolving shareholder dynamics at Pirelli.
France's Zonebourse.com observed in an article titled "Florentine intrigues in Pirelli's shareholding" that "behind this pretense lies a mundane reality …Tronchetti Provera, long known for his shrewdness, intends to maintain full control over a group he treats almost as his personal property. This cunning businessman has been walking a tightrope with a clear goal: to use Sinochem's investment to capture China's market share while refusing to compromise on control."
Italy's Domani echoed this in an article titled "Tronchetti Provera's Chinese boxes: How to command without money", describing a strategy of "a complex web of financial maneuvers, nested ownerships and strategic exits. The goal: fund Pirelli's growth with as little personal capital as possible. Let others bring the money — just don't let them drive."
Shi Xiaoli, a professor specializing in international trade law at the China University of Political Science and Law in Beijing, said that Chinese companies expanding overseas increasingly face complex regulatory and political challenges. Shi emphasized that careful risk assessment is essential in navigating evolving investment environments.
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