Italy’s government is working “constructively” with Pirelli and its investors to resolve a governance dispute that has impacted the tyre maker in recent years. The government aims to ensure that Pirelli remains fully competitive in all markets while complying with evolving regulatory requirements.
The focus is on managing the role of state-backed Chinese shareholder Sinochem, which holds a 37% stake in Pirelli. While Pirelli has expressed concerns that Sinochem’s influence could hinder its U.S. expansion amid tightening restrictions on Chinese technology in connected vehicles, Italian authorities confirmed that actions by Sinochem-appointed directors do not compromise the company’s managerial autonomy.
Two years ago, Italy invoked “golden power” legislation to protect Pirelli’s strategic independence. The government continues a dialogue with all shareholders, including Camfin—the investment vehicle of Marco Tronchetti Provera, Pirelli’s long-time leader—while balancing competitiveness and regulatory compliance.
This constructive engagement signals Rome’s commitment to safeguarding Italy’s industrial champions while navigating geopolitical and market complexities.