Latest news with #MarcoTronchettiProvera
Reuters
11 hours ago
- Business
- Reuters
Pirelli boss says issues with China's Sinochem will be fixed
MILAN, June 20 (Reuters) - Pirelli ( opens new tab chief Marco Tronchetti Provera said on Friday the tensions at the tyremaker involving China's state-controlled Sinochem ( opens new tab, its main shareholder, are on the way to being resolved. Sinochem, which owns a 37% stake, has crossed swords with the company and its second largest shareholder Camfin, which claim that a large Chinese presence in Pirelli poses a threat to its ambitions to expand its business in the United States. Tronchetti Provera, Pirelli's executive vice chairman, controller of Camfin and de facto top boss, said at a conference in Milan that the company was on the right track towards a positive outcome.
Yahoo
12-06-2025
- Automotive
- Yahoo
Pirelli investors back 2024 earnings report despite opposition from China's Sinochem
MILAN (Reuters) -Pirelli investors on Thursday approved the Italian tyremaker's earnings report for last year despite the opposition of its largest shareholder, the Chinese state-controlled group Sinochem, the company said. The outcome of the vote suggests that Sinochem, whose influence over Pirelli has been restricted by the Italian government, no longer has effective control over the company. Sinochem, which owns a 37% stake, has crossed swords with the company and its second largest shareholder Camfin, which claim that a large Chinese presence in Pirelli poses a threat to its ambitions to expand its business in the United States. The Pirelli statement confirmed that Sinochem had been the only shareholder to vote against the approval of the annual report for 2024. The shareholder meeting also approved the payment of 250 million euros to investors as a dividend, the equivalent of 0.25 euro per share. Washington is cracking down on Chinese technology in the automotive industry by banning key software and hardware from Chinese-controlled companies in connected vehicles on U.S. roads. The Italian government is seeking clarity from the United States about possible restrictions on Pirelli's U.S. activities due to its Chinese investor, Reuters reported on Wednesday. As part of the governance dispute, some Sinochem representatives on Pirelli's board, including Chairman Jiao Jian, earlier this year voted against the group's financial statement for 2024. Some Sinochem board members also voted against Pirelli's results for the first quarter of 2025. The Italian government intervened two years ago to curb Sinochem's influence in Pirelli and to protect the autonomy of its management under so-called "golden power" legislation for companies deemed of strategic importance. Camfin, which owns a 27.4% stake in Pirelli, is the vehicle of Executive Vice-Chairman Marco Tronchetti Provera, the Italian businessman who has been the company's top boss for more than three decades. In a challenging context for the whole automotive industry, Pirelli last year posted above-target results, with a 2% revenue increase and a margin on adjusted operating profit rising to 15.7%. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
11-06-2025
- Automotive
- Yahoo
Exclusive-Italy seeks clarity from US over curbs on Pirelli due to Chinese investor
By Giuseppe Fonte ROME (Reuters) -The Italian government is seeking clarity from the United States amid concerns that Washington could impose domestic restrictions on Pirelli due to the tyremaker's Chinese investor, two sources familiar with the matter told Reuters. The previously unreported involvement of Italian officials in talks with U.S. counterparts on the matter comes as the U.S. moves to limit the sale of cars using some Chinese technologies. Pirelli's Chinese and Italian shareholders are in a dispute over the group's governance. China's state-controlled Sinochem is Pirelli's largest investor with a 37% stake, while Camfin, the vehicle of Italian businessman Marco Tronchetti Provera, holds 27.4%. Pirelli and Camfin have said that Sinochem's stake poses a risk to Pirelli's U.S. expansion ambitions. Washington has said it plans to ban key software and hardware from Chinese-controlled companies in connected vehicles on U.S. roads. Software prohibitions take effect in the 2027 model year, those on hardware in 2029. Asking not to be named due to the sensitivity of the matter, the sources said the Italian government was seeking clarity on whether the U.S. legislation would apply to Pirelli and, if so, to what extent. Rome is trying to help Pirelli in talks with Washington, one of the sources added. Prime Minister Giorgia Meloni's office and Pirelli declined to comment. Pirelli makes over 20% of its revenue in North America, and that percentage rises to 40% for its high-value products. Sinochem's stake in Pirelli could end up in Washington's crosshairs because the Italian group has developed technology allowing data from its so-called Cyber Tyres to be collected and transferred in real time to the vehicle. Tronchetti Provera has also lobbied the Italian government to take more action to limit Chinese influence at Pirelli, Reuters reported last week, by strengthening restrictions that Rome imposed on Sinochem in 2023 through so-called golden power rules aimed at protecting strategic assets. However, Meloni's administration has so far rebuffed these calls. Pirelli holds a shareholder meeting on Thursday to approve its 2024 financial report, which some Sinochem representatives on the board did not back. Last month, the Chinese company described a proposal from Pirelli aimed at solving governance problems as "seriously unfair", while Camfin said that Sinochem's approach could lead to a break in the shareholder pact still in place between the two largest investors. (Additional reporting by Giulio Piovaccari in Milan. Editing by Giselda Vagnoni and Mark Potter) Sign in to access your portfolio
Reuters
11-06-2025
- Automotive
- Reuters
Exclusive: Italy seeks clarity from US over curbs on Pirelli due to Chinese investor
ROME, June 11 (Reuters) - The Italian government is seeking clarity from the United States amid concerns that Washington could impose domestic restrictions on Pirelli ( opens new tab due to the tyremaker's Chinese investor, two sources familiar with the matter told Reuters. The previously unreported involvement of Italian officials in talks with U.S. counterparts on the matter comes as the U.S. moves to limit the sale of cars using some Chinese technologies. Pirelli's Chinese and Italian shareholders are in a dispute over the group's governance. China's state-controlled Sinochem ( opens new tab is Pirelli's largest investor with a 37% stake, while Camfin, the vehicle of Italian businessman Marco Tronchetti Provera, holds 27.4%. Pirelli and Camfin have said that Sinochem's stake poses a risk to Pirelli's U.S. expansion ambitions. Washington has said it plans to ban key software and hardware from Chinese-controlled companies in connected vehicles on U.S. roads. Software prohibitions take effect in the 2027 model year, those on hardware in 2029. Asking not to be named due to the sensitivity of the matter, the sources said the Italian government was seeking clarity on whether the U.S. legislation would apply to Pirelli and, if so, to what extent. Rome is trying to help Pirelli in talks with Washington, one of the sources added. Prime Minister Giorgia Meloni's office and Pirelli declined to comment. Pirelli makes over 20% of its revenue in North America, and that percentage rises to 40% for its high-value products. Sinochem's stake in Pirelli could end up in Washington's crosshairs because the Italian group has developed technology allowing data from its so-called Cyber Tyres to be collected and transferred in real time to the vehicle. Tronchetti Provera has also lobbied the Italian government to take more action to limit Chinese influence at Pirelli, Reuters reported last week, by strengthening restrictions that Rome imposed on Sinochem in 2023 through so-called golden power rules aimed at protecting strategic assets. However, Meloni's administration has so far rebuffed these calls. Pirelli holds a shareholder meeting on Thursday to approve its 2024 financial report, which some Sinochem representatives on the board did not back. Last month, the Chinese company described a proposal from Pirelli aimed at solving governance problems as "seriously unfair", while Camfin said that Sinochem's approach could lead to a break in the shareholder pact still in place between the two largest investors.
Reuters
04-06-2025
- Automotive
- Reuters
Italy resisting calls from Pirelli to tighten curbs on Chinese shareholder, sources say
ROME, June 4 (Reuters) - The Italian government is resisting calls from Pirelli's ( opens new tab executive vice-chairman Marco Tronchetti Provera to tighten curbs imposed on the tyremaker's Chinese investor, sources said. Chinese state group Sinochem ( opens new tab is Pirelli's largest investor with a 37% stake, while Tronchetti Provera's Camfin vehicle holds a 27.3% shareholding. Tronchetti Provera has been the company's top boss for more than three decades. Pirelli itself and Camfin are at odds with Sinochem, claiming that its substantial holding poses a risk to Pirelli's ambitions to expand its business in the United States. Washington is cracking down on Chinese technology in the automotive industry, by banning key software and hardware from Chinese-controlled companies in connected vehicles on U.S. roads. Tronchetti Provera is lobbying the government to take further action to limit the Chinese influence at Pirelli, two sources familiar with the matter said, by strengthening the restrictions that Rome imposed on Sinochem in 2023 through the golden power rules aimed at protecting strategic assets. However, Prime Minister Giorgia Meloni's administration has so far rebuffed these calls, the sources added, asking not to be named due to the sensitivity of the matter. Rome's cautious stance partly stems from concerns it would rely excessively on its golden powers, one of the sources said, at a time when Italy faces a legal dispute with UniCredit over the way it uses the tool in vetting banking deals. All parties declined to comment. The government, which has ruled that Pirelli must not be subject to instructions from the Chinese investor, last November launched an investigation to check whether the presence of Sinochem executives on the tyremaker's board was in breach of these curbs. The inquiry is under way and before considering a harder stance on Sinochem, the government will at least check for violations of existing restrictions, the second source said. Emanuele Orsini, the head of Italian business lobby Confindustria of which Pirelli is a leading member, called on the government to defend the autonomy of the Italian group. "Part of Pirelli's shareholding, which is now in the hands of the Chinese government, is not approving the balance sheets and is therefore jamming up Pirelli, so I think something has to be done," Orsini said on Wednesday. In previous remarks on Tuesday, Orsini argued Sinochem should cut its stake in Formula One tyre supplier Pirelli to below 25%. Talks over governance adjustments have so far failed, with Camfin and Sinochem remaining far apart. Last month, the Chinese company described a proposal put forward by Pirelli to solve problems as "seriously unfair", while Camfin said that Sinochem's approach could lead to breaking the shareholder pact still in place between the two largest investors. Should the agreement be dropped, Sinochem and Camfin would be in a position to present separate slates at Pirelli's shareholders' meeting (AGM) next year, with one of them potentially taking full control of Pirelli's board. Two separate sources told Reuters that Tronchetti Provera was relying on further government support through golden powers in the event of a final clash with Sinochem at the AGM. Pirelli has been posting good results despite ongoing struggles in the auto industry. Its net profit rose 27% in the first quarter, while revenues were up 4%.
