Pirelli, Camfin does not renew the pact with Sinochem
The decision 'after realising that it is impossible at this stage to find solutions to adapt governance in time to meet US regulatory requirements'
Key points
Camfin announced today its decision not to renew the shareholders' agreement on Pirelli, signed with the Sinochem group, which will expire on 18 May next. The decision was taken, reads a note, 'after having taken note of the impossibility of identifying at this stage with Sinochem, in the context of the dialogue between Pirelli shareholders promoted by the Italian government, solutions to adapt Pirelli's governance in time to meet US regulatory requirements, allowing the company to continue to develop Cyber Tyre technology'.
Camfin's decision, not to proceed with the renewal of the pact with the Chinese group Sinochem, will be notified to the presidency of the Council of Ministers, in accordance with the Golden Power regulations. This decision also ensures that there will be 'sufficient time to complete the legal formalities' for the Pirelli shareholders' meeting, scheduled for 25 June next, which is called to renew the board of directors.
The shareholders' pact had come into force three years ago, on 19 May 2023, but had been signed on 16 May 2022 by China National Chemical Corporation, China National Tire & Rubber Corporation, CNRC International Limited, Fourteen Sundew, Marco Polo International Italy, Camfin and Marco Tronchetti Provera & C. Despite the dialogue between Pirelli's shareholders promoted by the Italian government, no solution has yet been reached and there is no more time.
Camfin is not closing the door completely and 'remains open to discussing proposed solutions in the interest of the company, the market and all stakeholders, to enable Pirelli to be in line with US regulations in the near future'.
The Decree of the President of the Council of Ministers of 16 June 2023 had established that 'any change in corporate governance' must be notified and 'in compliance with this provision, Camfin, after informing Pirelli, will notify the Presidency of the Council of Ministers, pursuant to the Golden Power Decree, of its decision not to proceed with the renewal of the Pact with Sinochem Group'.
