Sinochem sold a portion of its stake in Pirelli

Chinese state-owned holding company Sinochem has sold a 14% stake in Pirelli to investment firm Lumina Crown, owned by Czech billionaire Michal Strnad, reducing its share in the tire manufacturer to 20.1%. As a result, Italy's Camfin, controlled by Pirelli's executive chairman Marco Tronchetti Provera and holding a 26% stake, becomes Pirelli's largest shareholder.

In its statement, Lumina Crown, now the third-largest shareholder in Pirelli, said it aims for "long-term investments" in the tire maker.

According to data published on the Italian stock exchange website, the shares were sold at €6.5 per share, with the total deal valued at €987 million.

As Reuters notes, the share sale "marks the end of a years-long dispute between Pirelli's main investors." The Italian government intervened twice, invoking the "golden power" rule in 2023 and 2026—a mechanism designed to protect nationally strategic assets—to limit Chinese influence over the tire company's management. Under recent restrictions, Sinochem is allowed to have only three representatives on Pirelli's 15-member board, which is effectively controlled by Camfin. Additionally, board members appointed by the Chinese holding are prohibited from holding key leadership positions such as chairman or CEO.