Sinochem Holdings denies selling Pirelli stake

On 16 February, Marco Polo International Italy S.r.l. (Marco Polo) stated that “Sinochem does not have any plan to sell its stake in Pirelli”. Marco Polo is Pirelli’s largest shareholder, holding a 37.01 per cent stake in the tyre maker. The ownership of Marco Polo belongs to China National Tyre & Rubber Co., Ltd (CNRC) under Sinochem Holdings.

A day earlier, on 15 February, Bloomberg reported that Sinochem Holdings is preparing to “streamline its global portfolio of assets” and “consider selling its 37 per cent stake in Italian tyremaker Pirelli”. Bloomberg quoted someone familiar with the matter as saying that Sinochem Holdings is “in the early stages of reviewing its holding in Pirelli”, and Sinochem Holdings may “retain Pirelli for longer” or “sell a partial stake or divest overtime on the market”.

In addition, Pirelli said that Bai Xinping announced his resignation as a director of Pirelli on 14 February due to the “new professional responsibilities in Sinochem Group”. In 2021, Sinochem Group and China National Chemical Corporation jointly restructured to form the current Sinochem Holdings. Pirelli expressed its “heartfelt thanks” to Bai Xinping for his work in the past seven years. Bai Xinping’s resignation takes effect on 22 February 2023.