Italian tiremaker Pirelli announced on Wednesday that a government investigation had been launched into the company’s largest shareholder over concerns that the Chinese investor may have breached Italy’s “golden power” rule.
Sinochem, China’s largest state-owned chemical company, now owns a 37 percent stake in Pirelli. Camfin, the company’s second-largest shareholder, holds a 25.7 percent stake. Camfin is headed by Italian businessman Marco Trochetti Provera, who has been in charge of Pirelli since 1992 and now serves as executive vice chairman.
