Italy moves to block Chinese control of tyre giant Pirelli
that the Italian government had ruled that only Camfin - a company controlled by Pirelli's boss Marco Tronchetti Provera - could nominate candidates to be its chief executive.
It came after Sinochem told the Italian government in March that it planned to renew and update an existing shareholder pact. In 2015, Pirelli was sold for €7.1bn to a group of investors including ChemChina and Camfin. Six years later ChemChina merged with state-owned Sinochem. The Chinese government's Silk Road investment fund also owns a 9% stake in Pirelli.
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