Italian Prime Minister Giorgio Meloni speaks at a news conference. Her administration has cited national security concerns over Sinochem’s investment in Pirelli © Martin Divisek/EPA-EFE/Shutterstock
Italy has stripped China’s Sinochem Group of its influence as Pirelli’s largest shareholder, removing its right to appoint a chief executive or set the tire maker’s strategy in response to concerns over Chinese government interference.
Italian Prime Minister Giorgia Meloni’s government cited national security concerns about possible misuse of Pirelli’s chip technology and interference by the Chinese Communist Party to justify new restrictions on Sinochem, which owns 37% of the company .
The details of the restrictions came after the Italian government made an unprecedented announcement on Friday night that it would implement “a series of measures to protect Pirelli’s independence”.
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