Pirelli postpones shareholders’ meeting

As reported yesterday, Italy’s government is looking to ensure tyre maker Pirelli isn’t unduly influenced by its largest shareholder. A piece of legislation named Golden Power may help to this end, and in light of activities linked to this rule, Pirelli has postponed an upcoming shareholders’ meeting.

On 6 March, Pirelli informed the Italian government of plans to renew the shareholders’ agreement signed on 16 May 2022 by and between, amongst others, China National Tyre & Rubber Co., Ltd (CNRC), Marco Polo International S.r.l., Camfin S.p.A. and Marco Tronchetti Provera & C. S.p.A. Pirelli expects this agreement will come into force “upon publication of the calling of the Shareholders’ Meeting to approve the annual report for the year ending on December 31, 2022.” Notifying the government is mandatory under Golden Power legislation, which can limit or stop foreign investments and corporate transactions involving strategic Italian assets.

Yesterday, the Pirelli Board of Directors postponed the shareholders’ meeting to approve the 2022 annual report (originally scheduled for 30 May 2023) until 29 June 2023. Reporting this change of date, Pirelli wrote: “The Board of Directors – welcoming the request formulated in such respect by CNRC – has decided the postponement taking in consideration of the proceedings pending pursuant to Law Decree 21/2012 (Golden Power Regulations), following the filing made by CNRC on March 6, 2023 on the Shareholders’ Agreement executed on May 16, 2022.”