Pirelli, disagreement between Sinochem and Camfin also in pacts

The diverging visions between Camfin and the Chinese of Mpi Italy on the issue of the termination of Sinochem's control over Pirelli are also reflected in the shareholders' agreements between the parties.

In a note, Pirelli in fact informs that it has received from Camfin an update to the extract of the agreements in which "it is acknowledged that, in Camfin's opinion, there is no party capable of exercising control over Pirelli also pursuant to Article 93 of the TUF". The update also takes into account the Pirelli shareholders' meeting of 12 June 2025, which approved the 2024 financial statements with the favourable vote of approximately 57.07% of the capital represented at the meeting and the contrary vote of 42.90%, corresponding to the 37% share of Pirelli's total capital held by Mpi Italy, which therefore proved insufficient to have control of the meeting. The new extract, the note states, "includes the different assessment of the parties" on the issue of control, the termination of which under IFRS 10 had already been resolved by a majority vote, with the opposition of Mpi Italy, by Pirelli's board of directors at the approval of the 2024 financial statements containing information on this issue.

Therefore, the positions of Camfin-Pirelli and Sinochem still seem to remain distant on the subject of control and, more generally, on the 'compulsory' reorganisation that is being discussed among the key shareholders of the Bicocca in order to avoid significant repercussions on Pirelli's development plan in the American market after the introduction of regulations on connected vehicles that limit entry to entities with ties to China. The goal is to find an agreement that would lead to the Chinese partner's weight being reduced from 37% to at least around 25%. A solution that Sinochem has so far opposed, opting to submit an independent proposal directly to the government without sharing it with Pirelli itself.

The stalemate and, more generally, the parties' difficulty in reaching an agreement is jeopardising Pirelli's growth in a country like America, which today accounts for 20% of the group's revenues and 40% globally of the High Value segment on which the company is focused. Affected, in particular, is the Pirelli Cyber Tyre, the owner of a system that, thanks to proprietary algorithms and software, receives information from the sensors installed in the tyres to transmit it in real time to the car's control unit, with benefits in terms of safety and performance. Confirmation of a block on Pirelli's cutting-edge technology came from the Bureau of Industry and Security, of the US Department of Commerce, which in an informal opinion sent to the company warned it of the possible risk if the Chinese state's presence in its shareholding was not reduced.