Financial Wire

Market Chatter: Italy Curbs Sinochem's Role at Pirelli to Unlock US Market Access

-- Italy set golden power curbs on Sinochem (SHA:600500), limiting the Chinese chemical manufacturer to just three board seats in tiremaker Pirelli, Reuters reported Wednesday.

Sinochem appointees are also disallowed from taking on chair or CEO roles, according to the report.

Italy's industry minister Adolfo Urso said the move allows Milan-listed Pirelli to compete in the U.S., where rules are cutting the use of Chinese technologies in the auto sector, Reuters wrote.

The ruling caps a governance war over Sinochem's influence, blocking Pirelli's U.S. expansion, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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