MILAN, Jan 23 (Reuters) - Italy's Pirelli investor Camfin said on Friday it would not renew its shareholder pact with China's Sinochem. The decision comes as the Italian government is assessing
Camfin Will Not Extend Shareholder Agreement with Sinochem for Pirelli
Camfin's Decision on Shareholder Pact
MILAN, Jan 23 (Reuters) - Italy's Pirelli investor Camfin said on Friday it would not renew its shareholder pact with China's Sinochem.
Government's Role in Pirelli's Governance
The decision comes as the Italian government is assessing options to limit Sinochem's influence over Pirelli, or even turn it into a passive shareholder, as part of efforts to facilitate the tyremaker's U.S. expansion.
Stakeholder Dynamics Between Camfin and Sinochem
"It was not possible to find solutions with Sinochem to adapt company's governance to U.S. regulatory requirements," Camfin said in a statement.
Reuters reported last week that the top two investors were set to let their shareholder agreement lapse, according to two sources close to the matter.
Beijing-controlled Sinochem is Pirelli's largest shareholder with a 34.1% stake while Camfin, the vehicle of Italian businessman Marco Tronchetti Provera, holds a 25.3% stake, with plans to increase it up to 29.9%.
(Reporting by Sara Rossi, editing by Gianluca Semeraro)
