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| Pirelli's general meeting of shareholders has been postponed to give the Italian government enough time to consider the shareholders' agreement with Sinochem Group (China). (Source: Reuters) |
The Italian government said on June 16 that it will impose special conditions regarding smart sensors in Pirelli tires to protect strategic national assets.
The statement comes as Rome seeks to curb China's influence over its top tyre maker.
In a statement, Prime Minister Giorgia Meloni's government said Italy would exercise "golden powers" over a pending shareholder deal ahead of Pirelli's annual general meeting on June 29. The government's intervention gives Pirelli a range of tools to protect its strategic assets.
In its statement, the Italian government highlighted the importance of vehicle data aggregated by sensors implanted in Pirelli tires, which, when combined with artificial intelligence, can create complex digital models that can be used in advanced systems such as smart cities and digital twins (copies of physical entities such as devices, people, processes or systems that help businesses make model-based decisions).
With different areas where this technology can be used, such as industrial automation, advanced manufacturing, etc., the Italian government said Pirell's tire technology will "emerge as a technology of national strategic importance".
Pirelli's annual general meeting has been postponed to give the government time to consider a shareholder deal with China's Sinochem, Pirelli's largest shareholder with a 37% stake. Sinochem bought Pirelli in 2015 in a €7.1 billion ($7.8 billion) deal that raised serious concerns in Italy about the independence of the Milan-based tyre maker.
Sinochem also has an agreement with Pirelli's second-largest investor, Camfin Holdings, owned by Pirelli CEO Marco Tronchetti Provera, which currently holds a 14.1% stake.
In May 2022, the parties decided to extend the agreement for another three years and plan to submit it to the shareholders' meeting. The Italian government has a say in the matter due to its special powers in areas considered strategic to protect the national interest.
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