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Pirelli announces administrative inquiry into CNRC’s potential breach of Italy’s Golden Power regulations

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Pirelli announced on 6 November that Italy’s Prime Minister’s Office has initiated an administrative procedure to investigate a potential breach by China National Tire and Rubber Corp. (CNRC) of Italy’s ‘Golden Power’ regulations. Should the investigation substantiate concerns over organisational links between Pirelli and CNRC, it could lead to new or reinforced restrictions on CNRC’s role within Pirelli’s corporate structure.

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Related news:

  1. Strategic tyre sensors – Italy confirms Chinese shareholder restrictions for Pirelli
  2. Pirelli governance remains unchanged pending agreement renewal
  3. Pirelli postpones shareholders’ meeting
  4. Golden Power: Pirelli plans to postpone Board nomination
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Strategic tyre sensors – Italy confirms Chinese shareholder restrictions for Pirelli

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Italy’s government has identified tyre sensor technology as a national strategic asset and, with the stated aim of preventing misuse of this technology, has confirmed it will use the Golden Power procedure to limit the influence that shareholder China National Tire & Rubber Corporation Ltd. (CNRC) has upon Pirelli & C. S.p.A. According to statements issued by the government on 16 June and Pirelli two days later, a range of measures will now curtail CNRC’s involvement in the tyre maker.

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Related news:

  1. Pirelli governance remains unchanged pending agreement renewal
  2. Pirelli shareholders amend agreement, some parties end co-investment accord
  3. Pirelli postpones shareholders’ meeting
  4. Will sale to ChemChina alter Pirelli’s motorsport focus?
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Correction – Giorgio Bruno not yet Pirelli CEO

Although the Pirelli & C. SpA Renewal Shareholders’ Agreement came into force on 19 May 2023, Italy is still using its Golden Power Decree to look closely at shareholder China National Tire & Rubber Corporation, Ltd. The full implementation of the Renewal Shareholders’ Agreement and its application to all parties is being delayed until this process is concluded.

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  3. Golden Power: Pirelli plans to postpone Board nomination
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Pirelli governance remains unchanged pending agreement renewal

The three-year agreement pertaining to the governance of Pirelli & C. S.p.A. that took effect on 28 April 2020 has now expired. Although the Renewal of the Shareholder Agreement agreed upon on 16 May 2022 has not yet taken affect, Pirelli states that its governance structure will “remain unchanged” until it does.

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Related news:

  1. Pirelli shareholders amend agreement, some parties end co-investment accord
  2. Pirelli postpones shareholders’ meeting
  3. Pirelli shareholders’ agreement renewed
  4. Camfin & Brembo sign Pirelli consultation agreement
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Pirelli shareholders amend agreement, some parties end co-investment accord

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Pirelli’s largest shareholders have amended their ownership agreement and – at the same time – certain parties have ended their co-investment stance in relation to each other.

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Related news:

  1. ChemChina now holds 30% of Pirelli shares
  2. Pirelli major shareholder Chemchina restructuring
  3. Marco Polo/ChemChina buy almost 10 per cent of Pirelli shares
  4. ChemChina’s latest Pirelli shares held indirectly
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