Italy Launches Probe into Sinochem's Stake in Pirelli

Italy has initiated an administrative procedure against Sinochem for a potential breach of regulations that protect national strategic assets. Sinochem is the largest stakeholder in Pirelli. The investigation is part of Italy's 'golden power' provisions, emphasizing the critical nature of Pirelli's sensor technology.

Italy is investigating China's Sinochem, Pirelli's largest shareholder, for possibly breaching rules meant to safeguard national strategic assets.

Pirelli revealed that the investigation is based on Italy's 'golden power' provisions, aimed at limiting access to sensitive information and enhancing decision-making control over strategic assets.

Sinochem, which holds a 37% stake in Pirelli, denies any wrongdoing. The probe underscores the tiremaker's crucial sensor technology used for collecting critical data.

(With inputs from agencies.)