Italy Drops Probe Into Influence of Top Shareholder Sinochem
Italy has closed an investigation into whether Sinochem Holdings Corp., the largest shareholder of Pirelli & C SpA, violated restrictions on its influence over the Italian tiremaker. The probe was aimed at limiting Chinese influence over strategic assets. Sinochem, a Chinese state-owned company, holds a 37% stake in Pirelli, which is considered a strategic asset for Italy. The investigation was launched in 2020 to determine if Sinochem had exceeded its permitted level of control over Pirelli's operations. However, Italian authorities have now decided to drop the investigation, concluding that Sinochem's involvement in Pirelli's management did not violate the restrictions in place. This decision comes as Italy seeks to balance its economic ties with China while also protecting its national interests and strategic industries.
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