Italy opens procedure against China’s Sinochem for possible breach of Pirelli governance

MILAN (AP) — Italy has opened up an administrative procedure against China’s Sinochem, the largest shareholder in Italian tiremaker Pirelli, over possible violations of restrictions placed by Rome to protect strategic assets. Pirelli announced said the procedure was launched under the so-called “golden power” provisions, which include restrictions to the access of some information and higher-vote thresholds for strategic decisions invoked by the government last summer. Sinochem, which controls a 37% stake in Pirelli, has denied any violations of the restrictions, the Italian company said.