Pirelli, the market points to a change in governance

A turning point is coming soon in the governance of Pirelli, after the non-renewal of the pact between the main shareholders expiring in May. Adolfo Urso, the Minister for Enterprise and Made in Italy, also spoke on the subject: 'The issue must also be examined with reference to the profiles inherent to the golden power regulation. As previously highlighted, it is in the interest of all shareholders that Pirelli, as a company of national importance, can continue to operate unrestricted and successfully in all its reference markets, including the US,' the minister explained. There has long been a tug-of-war between Pirelli's Italian shareholders, led by Marco Tronchetti Provera, and the largest shareholder Sinochem over the governance of the tyre-manufacturing group to ensure that the new US regulations on cyber technology do not penalise the company because of the Chinese shareholder's presence in the shareholding structure. Now, however, a solution is possible. The key step is next week. According to Radiocor, the hearings before the Golden Power Office of the Presidency of the Council of Ministers of the three protagonists of the affair are scheduled for Monday to try to break the deadlock that culminated in the cancellation of the shareholders' agreement: Pirelli fears for the use of its CyberTech technology on the US market because of new US regulations ready to come into force; Camfin (which has 25.5% and is aiming for 29.9%) is aiming at a downsizing of the Chinese shareholder; Sinochem, strong with its 34%, seems only willing to non-definitive solutions to maintain its supremacy in the shareholding structure. After the hearings, the Golden Power Office is likely to need a few weeks to find a balance. Several options are on the table, starting with the blind trust to which Sinochem's shares will be transferred. .

A decision is expected by 15 April, bearing in mind that the announcement of the non-renewal of Pirelli's shareholders' agreement dates back to 30 January and that since then the Golden Power has 75 days to pronounce (also taking into account the time needed to hear all the parties). For some time now, a tug-of-war has been going on between Pirelli's Italian shareholders, led by Marco Tronchetti Provera, and the first shareholder Sinochem over the governance of the tyre-manufacturing group so that the new US regulations on cyber-related vehicles do not penalise the company due to the presence of the Chinese partner in the shareholding structure. As of 17 March 2026, companies with relevant Chinese shareholders on that date will be mapped: a first step that in the coming months will therefore lead car manufacturers to decide which suppliers to choose and thus which technologies to adopt in view of the 2027 models that, as of next year, will have to receive authorisation to be introduced in the US. In view of a possible solution, the Bicocca-based group has postponed the board meeting: "Pirelli announces that the board meeting to approve the draft financial statements for 2025 and to approve the call of the shareholders' meeting will be held on Thursday, April 16, 2026 and no longer - as previously announced - on Thursday, March 26, 2026, in order to take into account the timing of the Golden Power Procedure currently underway and initiated following the notification of non-renewal of the shareholders' agreement signed by, among others, CNRC, Marco Polo International Italy S.r.l, Camfin S.p.A. and Marco Tronchetti Provera & C. S.p.A."