Pirelli said on Monday that the government’s “golden powers” in the company meant it was no longer controlled by China’s Sinochem, in a move that might make it easier for the tyre maker to expand in the United States.
Pirelli’s Chinese and Italian shareholders have been at odds over the group’s governance, with the company and its second-largest investor Camfin saying Sinochem was posing a hurdle to ambitions to expand in the U.S., one of its key markets. …