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ROME: Italian tire maker Pirelli said Wednesday it has postponed its shareholder meeting until June 29 due to government scrutiny of a governance deal involving Chinese investor Sinochem.

Sinochem is Pirelli’s largest shareholder with a 37% stake.

Earlier this year, Pirelli said Sinochem had notified the Italian government of its plans to renew and renew its existing shareholder agreement with Camfin, which is the financial holding of Pirelli’s CEO Marco Tronchetti Provera. .

Right-wing governments must approve schemes under the Golden Power Rule aimed at protecting assets deemed strategically important.

The use of Italy’s golden power almost always results in the deal being approved with a binding prescription to preserve national interests.

Bloomberg reported Tuesday that Italy is considering ways to limit Sinochem’s influence on Pirelli.

ChemChina, then merged with Sinochem, took a large part of Pirelli privately in 2015, but went public again in 2017. Pirelli postpones AGM as Italy considers shareholder agreement with Chinese investors

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