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Pirelli and Sinochem disagree on definition of control

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Yesterday Pirelli published a board-level declaration that Sinochem no longer “controls” Pirelli. However, elsewhere in Pirelli’s own statement, the company also qualified that definitive-sounding remark with the following note: “the decision regarding the absence of control of the shareholder Sinochem represents a first, but not decisive, step on the path to the necessary adjustment of company governance…”. Therefore, it was no surprise to learn that Sinochem, which holds its 37 per cent stake in Pirelli through investment vehicle Marco Polo International, sees things differently.

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Related news:

  1. Pirelli major shareholder Chemchina restructuring
  2. Sinochem ‘control’ of Pirelli ends
  3. Pirelli shareholders amend agreement, some parties end co-investment accord
  4. Strategic tyre sensors – Italy confirms Chinese shareholder restrictions for Pirelli
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Sinochem may lose control of Pirelli

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Pirelli’s board is expected to approve an accord on Monday to end Sinochem’s control of the tyre maker, Reuters report stating: “Chinese and Italian shareholders in Pirelli have been at odds over the group’s governance” with the upshot being that Sinochem was considered to have hindered Pirelli’s expansion in the United States.

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Related news:

  1. Kumho takeover implosion isn’t the end of market consolidation attempts
  2. Pirelli major shareholder Chemchina restructuring
  3. Sinochem Holdings established through ChemChina, Sinochem restructuring
  4. Sinochem Holdings denies selling Pirelli stake
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Pirelli continues Sinochem stake reduction talks

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Pirelli

On the evening of 27 March, Pirelli CEO Andrea Casaluci stated that “Pirelli’s management will continue to work on finding a solution that will allow the company to adapt to the new regulations of the American market, as it does in all the markets in which it operates”. That statement follows reports that Pirelli’s board is calling for Sinochem to reduce its stake in the well-known tyremaker due to fears that too close an association with China could hamper Pirelli’s international growth, especially in the USA where President Trump has fired several volleys in a trade war designed to protect US manufacturing and wider economic interests.

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Related news:

  1. Pirelli shareholders amend agreement, some parties end co-investment accord
  2. Pirelli shareholders appeal for better ChemChina offer
  3. Cooper shareholders approve Goodyear merger
  4. Sinochem Holdings denies selling Pirelli stake
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Pirelli board calls for Sinochem to reduce stake due to Trump trade war fears

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The board of Pirelli is calling on Sinochem, its largest shareholder, to reduce its stake in light of recent tariff announcements from President Trump. In short, the board is concerned that Trump’s unease about Chinese ownership of American assets as well as the impact of tariffs will hamper Pirelli’s growth plans. Indeed, according to various news reports including those published in Financial Times and by Reuters suggest Pirelli’s management will “demand the Chinese investor immediately cut its 37 per cent stake to less than Italian shareholder Camfin’s 26.4 per cent holding…”

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Related news:

  1. Italy looking to limit Sinochem’s influence over Pirelli
  2. Pirelli: Sinochem sources sceptical of divestment
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KraussMaffei Group receives equity from Sinochem

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Machinery manufacturer KraussMaffei reports that shareholder Sinochem recently undertook the final step in its August 2024-announced plan to convert existing shareholder loans into equity for the KraussMaffei Group’s parent company, China National Chemical Equipment (Luxembourg) S.á.r.l. (CNCE Lux). KraussMaffei Group anticipates significant benefits from this transaction thanks to an improved capital structure and financial performance.

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Related news:

  1. KraussMaffei continues modernisation strategy with new Laatzen plant
  2. KraussMaffei completes renewal of production footprint
  3. VÚK acquisition to benefit Continental’s tyre assembly machinery business
  4. KamaTyresKZ secures funds for automated machinery
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Aeolus Tyre names new Chairman, CFO

Wang Feng has stepped down as Chairman of Aeolus Tyre Co. Ltd. On 19 July, the Sinochem Holdings subsidiary announced Wang’s resignation from this post, adding that, going forwards, he will not hold any position within the company. The Aeolus Tyre Board of Directors has elected Wang Jianjun to succeed Wang Feng as head of the tyre maker.

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Related news:

  1. Wang Feng appointed chairman of CNRC
  2. Sinochem Holdings established through ChemChina, Sinochem restructuring
  3. Aeolus gains additional 38% stake in Prometeon
  4. Sinochem Holdings appoints new chairman
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Aeolus ends direct Pirelli tie-up, signs Pirelli deal with PTG

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Aeolus Tyre Co. Ltd has dissolved its direct license contract with Pirelli Tyre S.p.A. for Industrial segment technology, replacing this agreement with one it signed with Prometeon Tyre Group S.r.l. (PTG) earlier in the month. According to the terms of the new agreement, Aeolus Tyre will receive patented and proprietary technology that Pirelli has licensed to PTG.

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Key personnel changes in the Chinese tyre industry

In 2023, China’s tyre industry experienced a number of significant changes among key personnel. Tyrepress China observes that the operations of foreign brands in China are relatively stable, with only Bridgestone China’s leaders having changed.  However, several Chinese state-owned enterprises and listed companies have undergone significant personnel changes this year.

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KraussMaffei names Sinochem’s Chi Zhang CEO

The Supervisory Board of the KraussMaffei Group has reorganised the company’s management. Chi Zhang, formerly Chairman of the Supervisory Board, is now Chief Executive Officer, effective 10 January 2024. He succeeds Yong Li, who takes on the newly created position of Chief Administrative Officer. Supervisory Board leadership now becomes the remit of Shihao Yang, who joins KraussMaffei from the top management of main shareholder Sinochem.

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Related news:

  1. ChemChina names Sinochem boss as new chairman
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  4. Albrecht MD of KraussMaffei Group UK
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Pirelli: Sinochem sources sceptical of divestment

Three sources “close to the matter” have shared with Reuters their expectation that Sinochem Holdings will retain its stake in Pirelli despite Italy’s Golden Power Decree restrictions. One commented that China may view an exit from Pirelli as a “reputational setback” at a time of “tenser relations” with Western countries.

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Related news:

  1. Pirelli shareholders amend agreement, some parties end co-investment accord
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Pirelli postpones shareholders’ meeting

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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.

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Related news:

  1. Italy looking to limit Sinochem’s influence over Pirelli
  2. Pirelli major shareholder Chemchina restructuring
  3. Sinochem Holdings established through ChemChina, Sinochem restructuring
  4. Pirelli truck tyre business to merge with Aeolus
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Italy looking to limit Sinochem’s influence over Pirelli

According to people familiar with the matter, Italian officials are attempting to limit the influence Sinochem has on Pirelli. Reporting this development, Bloomberg shares that officials are speaking with Pirelli investors about a range of options related to corporate structure.

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Related news:

  1. Pirelli major shareholder Chemchina restructuring
  2. ChemChina now holds 30% of Pirelli shares
  3. Pirelli industrial/consumer tyre business split continues
  4. Pirelli and Hixih move closer together
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Sinochem Holdings denies selling Pirelli stake

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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.

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Related news:

  1. Pirelli major shareholder Chemchina restructuring
  2. Pirelli shareholders amend agreement, some parties end co-investment accord
  3. ChemChina front-runner to buy Pirelli
  4. ChemChina now holds 30% of Pirelli shares
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Former chairman of Sinochem Holdings Ning Gaoning retires

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Sinochem Holdings

Sinochem Holdings recently announced that Ning Gaoning will no longer serve as chairman and party secretary. Li Fanrong became the new top leader of the large state-owned enterprise. The reason? According to industry insiders, Ning Gaoning is about to turn 64 years old and therefore his departure is probably best categorised as official retirement. It is reported that under normal circumstances, the retirement age of the top leaders of China’s central enterprises is 63 years old. From this perspective, Ning Gaoning has already out-worked normal tenure.

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Sinochem Holdings appoints new chairman

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A significant leadership change has taken place within the company closely linked with Pirelli, Aeolus and Prometeon Tyre Group. During an executive meeting that Sinochem Holdings held this morning for middle and senior management, a representative from the Chinese Communist Party announced that Ning Gaoning is no longer chairman of the company’s board, nor is he secretary of Sinochem’s leading party group. Li Fanrong takes over both positions.

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Related news:

  1. Sinochem Holdings established through ChemChina, Sinochem restructuring
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  3. Aeolus gains additional 38% stake in Prometeon
  4. ChemChina names Sinochem boss as new chairman
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