The state shield on Pirelli becomes more powerful. La Stampa on newsstands this morning reports that the Golden Power will remain active until the Chinese of Cnrc-Sinochem fall below the 10% capital threshold, as indicated by the measure promoted by the Council of Ministers. The objective of the government’s tightening is twofold: to protect the strategic “Cyber Tyre” technology, and above all to prevent a US stop to smart tires, considered one of the hearts of the Italian group’s industrial strategy.
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Pirelli and the Golden Power: what happens
In the reconstructions of sources close to the dossier and financial circles, the executive’s action is configured as a direct invitation to Beijing. After the initiative of Palazzo Chigi, the framework of the prescriptions cancels any possible interference by the “Dragon” in corporate governance. The direction would be oriented to favor Marco Tronchetti Provera’s Camfin, a shareholder with a 26.18% stake and potentially ready to rise up to 29.9%. The measure also provides for precise constraints, from the ban on transferring shares to related parties or to the state agency Sasac. And it also includes stringent rules for the circulation of potential influences.
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Direct invitation to Beijing
The decree, as a whole, strengthens Pirelli’s management autonomy over strategic plans, budgets, and the supply chain and also imposes a block on the sharing of sensitive information related to research. The discipline also affects control structures. As long as the Marco Polo vehicle’s stake exceeds 9.99%, the Chinese will be able to appoint three out of fifteen directors, but top positions and the chairmanship of committees will be precluded. Furthermore, with the non-renewal of the shareholders’ agreement, management and coordination powers are reset. Now, therefore, Beijing’s response is awaited. The next move becomes decisive to understand if and when the threshold that would deactivate the Golden Power will be approached.
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