China’s State Council approves ChemChina, Sinochem restructuring

On 31 March, Pirelli & C. S.p.A. received a notification letter from China National Chemical Corporation Ltd. (ChemChina) stating that ChemChina had received a notice regarding its restructuring and that of Sinochem Group Co., Ltd., (Sinochem Group) from the State-owned Assets Supervision and Administration Commission (SASAC), a commission of the State Council of the People’s Republic of China.

According to the restructuring notice, the State Council has approved the joint restructuring of Sinochem Group and ChemChina. Under this restructuring, SASAC will set up a new holding company that will perform the duties of the contributor on behalf of the State Council, and Sinochem Group and ChemChina will be consolidated into the new holding company. Upon completion of the joint restructuring, ChemChina will remain Pirelli’s largest shareholder.