SHA:600500

3 stories mentioning SHA:600500

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Market Chatter: Italy Curbs Sinochem's Role at Pirelli to Unlock US Market Access

Italy set golden power curbs on Sinochem (SHA:600500), limiting the Chinese chemical manufacturer to just three board seats in tiremaker Pirelli, Reuters reported Wednesday.Sinochem appointees are also disallowed from taking on chair or CEO roles, according to the report.Italy's industry minister Adolfo Urso said the move allows Milan-listed Pirelli to compete in the U.S., where rules are cutting the use of Chinese technologies in the auto sector, Reuters wrote.The ruling caps a governance war over Sinochem's influence, blocking Pirelli's U.S. expansion, according to the report.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Shanghai Composite^SZSESHA:600500

Asia62d ago

Market Chatter: Sinochem Warns of Legal Action Against Italy's Ownership, Board Membership Limits on Pirelli

Sinochem International (SHA:600500) said it could seek legal redress against Italy's curbs to limit the company's influence in tire manufacturer Pirelli, Reuters reported Monday, citing a statement issued by Sinochem unit Marco Polo International Italy.Limits issued by Prime Minister Giorgia Meloni's office curbs included cutting the number of Sinochem representatives in Pirelli's board to three from eight, as long as the Chinese company's stake remains above 9.99%."The company expresses its deep regret regarding this decision and reserves the right to pursue all necessary legal remedies to safeguard its legitimate shareholder rights and interests," Reuters quoted Sinochem as saying.Sinochem is the largest shareholder in Pirelli with 34%, while Camfin holds 26%, the report said.Pirelli and Camfin called for restrictions against Sinochem as its Chinese links could complicate the tire company's U.S. expansion, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

SHA:600500

Asia63d ago

Italy Restricts Sinochem from Holding Board Positions in Bid to Solve Governance Crisis

The Italian Prime Minister's Office has imposed restrictions on Sinochem International (SHA:600500) in a bid to resolve the governance standoff at Pirelli, the tire manufacturer said Saturday.The restrictions form part of the Golden Power decree of Prime Minister Giorgia Meloni's office.They include a limit on the number of directors Sinochem could appoint to the board of the tire maker, as well as an appointment ban for Sinochem directors as chairman, vice chairman, or chief executive officer, Pirelli said.Meloni's office also restricted Sinochem directors from chairing board committees.The restrictions will remain in force as long as Sinochem retains its stake in Pirelli above 9.99%, the tire maker said.Sinochem holds a stake in Pirelli through Italian branch Marco Polo International.Pirelli and Camfin have called for restrictions on Sinochem as its Chinese origins prevent the tire maker's U.S. expansion, according to multiple media reports.

SHA:600500