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Pirelli's US business hindered by Sinochem's stake, says Tronchetti Provera
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Pirelli's US business hindered by Sinochem's stake, says Tronchetti Provera
Apr 7, 2025 11:37 PM

ROME, April 8 (Reuters) - Pirelli is having

difficulties investing in the United States because its largest

shareholder is China's state-owned Sinochem, the Italian

tyremaker's executive vice chairman Marco Tronchetti Provera

said in a newspaper interview on Tuesday.

Pirelli's Chinese and Italian shareholders are at odds over

the group's governance as Washington cracks down on Chinese

technology in the automotive industry, banning key software and

hardware from Chinese-controlled companies.

Tronchetti Provera told Italian daily la Repubblica that

Sinochem's 37% stake had proved a hurdle when Pirelli had

negotiated with local authorities over doing business in the

states of Alabama and Virginia.

"Now we are negotiating with Georgia, where we already have

a factory, and once again objections are being raised," said

Tronchetti Provera, who was Pirelli's CEO for 30 years up to

2022.

Tronchetti Provera said he was confident an agreement would

be reached with Sinochem to overcome the U.S. concerns.

"We will find a way, in the interests of Pirelli, to comply

with American laws," he said.

"It is too important a market for us not to be able to play

on a level playing field with our competitors."

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