Investing.com – Milan-listed shares in Pirelli (BIT:) fell on Thursday after China’s state-backed Silk Road Fund reportedly sold its 9% stake in the Italian premium tire maker and expelled Executive Vice Chairman Marco Tronchetti Provera. increased importance.
Citing a bookrunner, Reuters reported that Silk Road Fund had completed the sale of its 90.2 million shares in Pirelli at a price of 5.76 euros each, giving the stake a value of around 520 million euros. The sale price was above the guidance of 5.69 euros per share announced when the share sale was first unveiled on Wednesday, Reuters added.
The move comes as the Italian government, led by Prime Minister Giorgia Meloni, has sought to limit China’s influence over companies that Rome has identified as strategically important. Italy previously used its so-called “golden power” rights to restrict Chinese conglomerate Sinochem’s access to sensors on Pirelli tires.
Sinochem remains Pirelli’s largest investor and has a 37% stake in the company.
Meanwhile, Pirelli’s second largest shareholder, Camfin, has increased its stake to 22.8%. Camfin is the investment vehicle of Tronchetti Provera.
