Pirelli, Government initiates proceedings on violation of the Golden Power | EUROtoday

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Palazzo Chigi has put Cnrc, Pirelli’s Chinese accomplice, below scrutiny for a doable violation of the Golden Power. The Italian authorities, Pirelli introduced, has initiated administrative proceedings for the doable violation of the ‘golden energy’ by the Chinese accomplice China National Tire and Rubber Corp. (Cnrc). In a notice, the Bicocca group introduced to the market that Marco Polo International Italy (‘MPI’), additionally on behalf of Cnrc, despatched to Pirelli a replica of the availability dated 31 October 2024 notified to Cnrc by the Presidency of the Council of Ministers . In follow, the federal government “decided to initiate administrative proceedings for the possible violation by the CNRC of the provisions contained in the Prime Ministerial Decree of 16 June 2023 with which the special powers of the golden power were exercised”. In specific, we learn within the notice, “the proceeding concerns the potential violation of the requirement to guarantee the absence of organizational-functional connections between Pirelli on the one hand and Cnrc on the other”.

According to what has been reconstructed in monetary circles, the article of the measure could be the double function of some Pirelli administrators who additionally maintain managerial roles in firms that management the Pirelli group. A double function which, in actual fact, would now be below examination of the continuing administrative measure.

Palazzo Chigi has set the deadline for the conclusion of the process at 120 days ranging from the date of notification of the availability. Cnrc communicated to Pirelli that it “believes that it has always complied with the provisions of the Prime Ministerial Decree Golden Power and is confident of clarifying its position during the proceedings”, the notice continues. The new “dossier” arrives after essential adjustments within the steadiness of the Bicocca group. After the exit of Brembo, which accomplished the sale of the 5.58% stake, Camfin and Mtp strengthened their shareholding within the tire group, saying their intention to extend as much as 29.9%. All this whereas the difficulty of consolidating the 37% share of the Italian group held by the Chinese accomplice, ChemChina, after the governance constraints linked to the Golden Power continues to be being verified by the Pirelli board of administrators. A file, that of management, which can more than likely be closed by the tip of the 12 months. The Camfin-Mtp system right this moment holds 25.7% of Pirelli’s capital. The plans, nonetheless, seem much more bold. On paper, Brembo’s exit might due to this fact have weakened the Italian entrance which acts as a counterbalance to the Chinese accomplice ChemChina, which owns 37% of Pirelli. It wasn’t like that. On the opposite. Camfin’s newest purchases, however above all of the holding’s need to achieve 29.9% of Pirelli’s capital, compensate for the disengagement of Alberto Bombassei’s group.