Italy studies potential Pirelli governance breach by Sinochem
Adds context, details and analyst comment
MILAN, Nov 6 (Reuters) -Italy is investigating a possible breach by China's Sinochem, the top investor in tyremaker Pirelli PIRC.MI, of provisions imposed to protect the tyremaker's autonomy, Pirelli said in a statement.
The move by the right-wing government led by Prime Minister Giorgia Meloni, dated Oct. 31, comes amid rising trade tensions between China and the European Union, after the bloc's new tariffs of up to 45.3% on Chinese-built electric vehicles came into effect last week.
In a retaliation, China has told its automakers to halt big investment in European countries that supported tariffs, sources said. Italy voted in favour of theEU's new tariff scheme.
The Pirelli statement said the prime minister's office had opened an "administrative procedure" over the issue, which was notified toSinochem's vehicle CNRC.
Analysts at Bernstein said Rome's move was a possible consequence of commercial tensions, but it was not clear whether the government could force a sale of Sinochem's Pirelli stake.
"If a sale was forced, we expect this asset would likely be attractive ... given the strength of premium tyres and the long-term story," they said in a note.
State-owned Sinochem 600500.SS holds a 37% stake in Pirelli. The company's second largest shareholder, with a 25.7% stake, is Camfin, the vehicle of Italian businessman Marco Trochetti Provera, who has been in charge of Pirelli since 1992 and now holds the role of executive vice chairman.
GOLDEN POWER
Italy last year used its "Golden Power" legislation, aimed at protecting assets deemed strategic for the country, to limit Sinochem's influence on Pirelli.
Under the measure, Rome set requirements including a mandatory qualified board majority for strategic decisions and ruled that Pirelli should not be subject to instructions from the Chinese group.
Pirelli said on Wednesday the administrative procedure concerned the potential breach of a requirement to avoid any organisational or functional links between it and Sinochem.
The government set a 120-day period for the conclusion of the administrative procedure, the Milan-based company said.
Sinochem maintained it had always respected the measures set by the Italian government and was confident it would clarify its position during the procedure, Pirelli added.
The Chinese group was not reachable for further comment.
Since the post-COVID pandemic in 2020, successive administrations colours have adopted a harder line over Chinese forays into Italy.
Meloni last month blocked a joint venture plan between Italian firm Manta Aircraft and China's Shenyang Aviation Industry for the development of two prototypes of civil aircraft, a document sent to parliament showed.
Reporting by Giulio Piovaccari; additional reporting by Giuseppe Fonte in Rome; editing by Leslie Adler and Keith Weir
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