Pirelli & C. SpA is nearing an agreement to end main investor Sinochem’s control over the Italian tiremaker as part of a plan to distance itself from China, Italian newspaper il Messaggero reported.
The majority of Pirelli’s board, which will convene on Monday to approve last year’s earnings, is leaning toward approving the termination of Sinochem’s control over the manufacturer held through a 37% stake, following a request by Italian regulators, the newspaper reported, without saying how it got the information. It didn’t provide further details on what the agreement entails.
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