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☆ Chinese Grand Prix could deliver drama to F1 and slow Verstappen’s victory march
▼ + stars: | 2024-04-19 | by ( ) www.cnbc.com time to read: +5 min

Max Verstappen of the Netherlands and Oracle Red Bull Racing reacts during previews ahead of the F1 Grand Prix of China at Shanghai International Circuit on April 18, 2024 in Shanghai, China. Edmund So | Getty ImagesThe Chinese Grand Prix could deliver some much-needed drama to Formula 1, and Red Bull's Max Verstappen can't be penciled in as the almost-certain winner on Sunday. It's also the season's first GP with a sprint race, which means Friday's practice session was the only one of the weekend. This is the first F1 race in China in five years, scratched from the calendar by the COVID-19 pandemic. Horner accepted the concern but noted the Shanghai circuit is a known quantity, hosting races since 2004.

Persons: Max Verstappen, Edmund So, It's, Lando Norris, McLaren, Verstappen, Christian Horner, Clive Mason, Mercedes, Lewis Hamilton, Friday's, Lance, Aston Martin, Oscar Piastri, McClaren, Sergio Perez, Haas, — Nico Hulkenberg, Kevin Magnussen, China's, Zhou Guanyu, Charles Leclerc, Bull, Leclerc, Carlos Sainz, Andrea Stella said, Horner, Lando Norris of Great, Qian Jun, Norris, Fernando Alonso, Sainz, Perez, Mark Thompson Organizations: Oracle Red Bull, of China, Shanghai, Circuit, Bull, Getty, Pirelli, Sauber, Ferrari, McLaren, McLaren F1 Team, Sprint, Bahrain, Hamilton, Oracle Red Bull Racing Locations: Netherlands, Shanghai, China, Australia, Lando Norris of Great Britain, parc feme, Bahrain

☆ Pirelli Calendar 2024: Who's gettting their close up this year?
▼ + stars: | 2023-11-30 | by ( ) edition.cnn.com time to read: 1 min

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☆ Pirelli calendar 2024: Idris Elba and Angela Bassett headline ‘Timeless’ show of Black excellence
▼ + stars: | 2023-11-30 | by ( Tom Page | Alex Rees | ) edition.cnn.com time to read: +7 min

Supermodel Naomi Campbell holds time in her hand in a backstage image from the 2024 Pirelli calendar photoshoot. The 50th edition of the prestigious calendar is photographed by Ghanaian Prince Gyasi, the first Black photographer to receive the commission. Alessandro Scotti Gyasi directs actor Angela Bassett for the 2024 Pirelli calendar. Alessandro Scotti Gyasi (back to camera) frames his subjects, including artist Amoako Boafo (center). Alessandro Scotti Film director Jeymes Samuel receives an eye test and some direction from Gyasi during the Pirelli calendar photoshoot.

Persons: Prince Gyasi, Idris Elba, Angela Bassett, Pirelli, Naomi Campbell, Otumfuo Osei Tutu II, Ghana’s Asante, Marcel Desailly, Amanda Gorman, Margot Lee Shetterly, Gyasi, “ I’m, It’s, ’ ”, “, Dali, ”, Ghanaian Prince Gyasi, Alessandro Scotti Idris Elba, Gysai, Alessandro Scotti Gyasi, Bassett, Oscar, Alessandro Scotti, Amoako Boafo, Desailly, Nana Osei Tutu II, Asante, Jeymes Samuel, Alessandro Scotti Angela Bassett, Alessandro Scotti Pirelli, wasn’t, ” Gyasi Organizations: CNN, Pirelli, Puma, Balmain, GQ, Alessandro Scotti Idris Elba braves, Alessandro Scotti Former France Locations: Elba, France, Ghanaian, Accra, Ghana, West Africa, Morocco, Tunisia, Botswana, Seychelles, Gyasi

☆ Verstappen adds race win to Qatar title weekend
▼ + stars: | 2023-10-08 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

But pace was OK. Another win, unbelievable," said Verstappen, who finished 4.8 seconds clear of Piastri. The relatively slim gap flattered the Australian, with Verstappen never looking like he was under any pressure and also setting fastest lap. Verstappen, now 209 points clear of Perez at the top of the standings, led cleanly from pole position and raced away unchallenged. After that I could just manage my pace and make sure that the tyres were always in a good window," Verstappen said. Four drivers collected time penalties for repeated track limits violations -- Perez, Aston Martin's Lance Stroll, Alpine's Pierre Gasly and Williams' Alex Albon.

Persons: Max Verstappen, Red Bull, Hamad, Mohammed, Piastri, Norris Mercedes, Bull, Oscar Piastri, Lando Norris, Verstappen, Christian Horner, Ferrari's Carlos Sainz, Mercedes, George Russell, Lewis Hamilton, Hamilton, Russell, Ferrari's Charles Leclerc, Aston Martin's Fernando Alonso, Esteban Ocon, Alfa Romeo, Guanyu Zhou, Red Bull's Sergio Perez, Perez, Aston, Lance, Pierre Gasly, Williams, Alex Albon, Albon, Alan Baldwin, Ed Osmond Organizations: Qatar, McLaren, Pirelli, Alfa, Thomson Locations: Lusail, Qatar, DOHA, Singapore

LOSAIL, Qatar (AP) — Formula One drivers will have to change tires at least every 18 laps in the Qatar Grand Prix, which should make a three-stop strategy inevitable in the 57-lap race Sunday. The governing body, the FIA, is acting over concerns that the Pirelli tires are being damaged when cars run over the pointed “pyramid” kerbs used at the Losail circuit. Cars that use the same tires for more than 18 laps will be considered to be "in an unsafe condition” and reported to the stewards, the FIA said. Any laps done in earlier sessions on tires that are then re-used for the race will count toward the total. The FIA and Pirelli suspect the problem is caused by “high-frequency interference” when cars run over the kerbs.

Persons: Max Verstappen Organizations: Prix, FIA, Pirelli, Tires, Drivers, Red Bull Locations: LOSAIL, Qatar

☆ Verstappen on course for third title in Qatar sprint
▼ + stars: | 2023-10-07 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

Formula One F1 - Qatar Grand Prix - Lusail International Circuit, Lusail, Qatar - October 7, 2023 Red Bull's Max Verstappen after finishing the sprint shootout in third place Pool via REUTERS/Darko Bandic Acquire Licensing RightsSummary Piastri on sprint pole with Norris alongsideVerstappen to start third with third title in sightPerez starts eighthHamilton qualifies 12thDOHA, Oct 7 (Reuters) - Red Bull's Max Verstappen was on course to secure his third Formula One championship on Saturday after qualifying third for a Qatar Grand Prix sprint race with sole title rival and team mate Sergio Perez five places behind. Verstappen need finish only sixth in the sprint -- and take three points -- to secure his third successive world championship. "He (Verstappen) is not interested in the three points. He's interested in the maximum points," Red Bull team principal Christian Horner told Sky Sports television. Only the top eight score points in the sprint.

Persons: Max Verstappen, Darko Bandic, Norris, Verstappen, Perez, Hamilton, Sergio Perez, Oscar Piastri, Lando Norris, He's, Christian Horner, Mercedes, George Russell, Ferraris, Carlos Sainz, Charles Leclerc, Nico Hulkenberg, Aston Martin's Fernando Alonso, Alpine's Esteban Ocon, Max, he's, Lewis Hamilton, Alan Baldwin, Hugh Lawson Organizations: Qatar, REUTERS, Formula, Prix, Bull, Sky Sports, Haas, FIA, Pirelli, kerbs, Thomson Locations: Lusail, Qatar, DOHA

☆ Italy's Prysmian sees core profit rising 34% by 2027 under new strategy
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

This will help it increase its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) to around 2 billion euros ($2.1 billion) in 2027, from 1.49 billion euros last year, Prysmian said in a statement. Milan-listed shares in the company were up 2.6% by 0730 GMT, among the best performers within Italy's blue chip basket (.FTMIB). "Prysmian is uniquely placed to benefit from the opportunities presented by the structural changes arising from the convergence of the energy transition and digital transformation," Chief Operating Officer Massimo Battaini said in a statement. Annual cash flow is seen growing to between 0.9 billion and 1 billion euros in 2027 from 559 million euros last year. "Targets to 2027 are ambitious and above our estimates," Equita analyst Luigi De Bellis said in a note.

Persons: Battaini, Battista, Prysmian, Massimo Battaini, Valerio Battista, Luigi De Bellis, Giulio Piovaccari, Gianluca Semeraro, Sonali Paul, Michael Perry Organizations: Company, Cable, Thomson Locations: MILAN, Netherlands, Milan

☆ Pirelli's Chinese investors terminate shareholder agreement
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +1 min

A tyre produced by the Italian company Pirelli is on display at a dealership in Moscow, Russia, March 23, 2023. REUTERS/Maxim Shemetov/File Photo Acquire Licensing RightsMILAN, Oct 3 (Reuters) - Pirelli's (PIRC.MI) Chinese investors Sinochem and Silk Road Fund have decided not to extend their agreement to work together on some issues at the tyremaker, the Italian group said on Tuesday. The two investors, which hold stakes of 37% and 9% respectively, had initially signed the shareholder agreement in 2020. As part of it, Silk Road Fund had committed to follow Sinochem's votes at Pirelli shareholder meetings on selected matters for a stake comprising 5% out of their total 9%. The agreement terminated due to its expiry on Sept. 29, Pirelli said in a statement, without providing reasons for the decision.

Persons: Maxim, Pirelli, Sinochem, Camfin, Marco Tronchetti Provera, Giulio Piovaccari, Keith Weir Organizations: Pirelli, REUTERS, Silk, Fund, Formula, Thomson Locations: Italian, Moscow, Russia, Sinochem

☆ Verstappen resumes normal service with top time in Japan
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

SUZUKA, Japan, Sept 22 (Reuters) - Red Bull's runaway Formula One championship leader Max Verstappen roared back from defeat in Singapore to set the fastest lap in the first practice for the Japanese Grand Prix on Friday. Verstappen's best time of one minute 31.647 seconds was 0.626 quicker than Ferrari's Carlos Sainz, the winner in Singapore. McLaren's Lando Norris was third fastest, 0.745 off the pace with a late switch to the soft tyres, with Ferrari's Charles Leclerc fourth and 0.927 slower than Verstappen. Perez, 151 points behind Verstappen after 15 of 22 races, was only 11th and 1.396 seconds slower than his team mate. Red Bull are set to retain their constructors' title in Japan on Sunday, needing to score only a point more than Mercedes.

Persons: Max Verstappen, Sergio Perez, Verstappen's, Ferrari's Carlos Sainz, McLaren's Lando Norris, Ferrari's Charles Leclerc, Max, McLaren, Zak Brown, Perez, Red Bull, Mercedes, George Russell 13th, Lewis Hamilton, Yuki Tsunoda, Aston Martin's Fernando Alonso, McLaren's Oscar Piastri, Williams, Alex Albon, Liam Lawson, Aston, Lance, Alan Baldwin, Christian Schmollinger Organizations: Suzuka, Sky Sports, Verstappen, Thomson Locations: SUZUKA, Japan, Singapore, Marina Bay, Mexican, London

☆ Pirelli calendar 2024: Idris Elba, Naomi Campbell and Angela Bassett top latest edition
▼ + stars: | 2023-09-07 | by ( Ayanda Ntuli | ) edition.cnn.com time to read: +5 min

CNN —Featuring Idris Elba, Angela Bassett and Naomi Campbell, the latest edition of the prestigious Pirelli calendar is the first to have been shot by a Black photographer in its more than half-century history. Known as “The Cal,” the Pirelli calendar started in 1964. Until the 2024 edition, no Black photographer had been selected for the commission. Prince Gyasi directs actor Angela Bassett for the 2024 Pirelli calendar. Alessandro ScottiGyasi chose to shoot some of his subjects for the 50th Pirelli calendar in Ghana, where some of them have ties.

Persons: CNN —, Idris Elba, Angela Bassett, Naomi Campbell, Prince Gyasi, ”, Tiwa Savage, Amanda Gorman, Otumfuo Osei Tutu II, Asante, supermodels Christy Turlington, Linda Evangelista, Claudia Schiffer, Cindy Crawford, Campbell, Patrick Demarchelier, Nick Knight, Annie Leibovitz, risqué photoshoots, Terence Donovan, Edward Enninful, Tim Walker, Alessandro Scotti Gyasi, Burna, “ I’m, “, “ They’ve, ” Gyasi, “ We’ve, you’re, Alessandro Scotti, ” Pirelli Organizations: CNN, Pirelli, Cal, Black, Black British Vogue, Puma, Apple, Converse, Balmain, GQ, Idris Elba braves Locations: Ghanaian, Ghana, West African, Black British, White, Accra, Kumasi, Ashanti Region, Elba

☆ Pirelli calendar 2024: Behind the scenes
▼ + stars: | 2023-09-07 | by ( ) edition.cnn.com time to read: 1 min

☆ A Landmark Year for a Rare Calendar
▼ + stars: | 2023-09-06 | by ( Elizabeth Paton | More About Elizabeth Paton | ) www.nytimes.com time to read: +1 min

Though the images in the calendar have become more diverse, the 2024 edition was the first installment produced by a Black photographer. Known for making bold, colorful images, Mr. Gyasi, who is also the first African photographer to shoot the Pirelli calendar, has tried to challenge traditional narratives about Africa as well as Western beauty ideals in his work. He said the opportunity to shoot the calendar was too good to turn down, partly because he would be following in the footsteps of celebrated photographers like Annie Leibovitz, Tim Walker and Albert Watson. For his edition, which focuses on the themes of Black empowerment and mastering time, Mr. Gyasi also assembled an all-Black cast. Everyone featured in the calendar has inspired him, he said, “at times when I’ve thought cracking the ceiling and to belong in certain spaces was just not possible.”

Persons: Gyasi, Annie Leibovitz, Tim Walker, Albert Watson, Ms, Bassett, Idris Elba, Naomi Campbell, Tiwa Savage, “ Organizations: Pirelli Locations: Africa, Nigerian

☆ Famed Italian dealmaker and Piaggio CEO Colaninno dies
▼ + stars: | 2023-08-19 | by ( Crispian Balmer | ) www.reuters.com time to read: +3 min

Roberto Colaninno attends the celebrations for the 50th anniversary of the Vespa Primavera scooter at the Piaggio Museum in Pontedera, Italy, April 19, 2018. REUTERS/ Alessandro Bianchi/File Photo Acquire Licensing RightsROME, Aug 19 (Reuters) - Entrepreneur Roberto Colaninno, chairman and CEO of scooter maker Piaggio and one of Italy's best-known dealmakers, has died, his investment company IMMSI said on Saturday. He is most famous for his surprise $58 billion leveraged buyout of Telecom Italia (TLIT.MI) in 1999, at the time the world's largest hostile takeover. In 2003, after his efforts to take over carmaker Fiat were rebuffed, he turned his attention to Piaggio, maker of the Vespa scooter, which had fallen on hard times. Colaninno ditched the firm's loss-making computer unit and focused on the telephone business - which he subsequently used as a vehicle to launch the Telecom Italia bid.

Persons: Roberto Colaninno, Alessandro Bianchi, IMMSI, Colaninno, Carlo De Benedetti, De Benedetti, Olivetti, Matteo, Michele, Oretta, Crispian Balmer, David Holmes Organizations: Primavera, Piaggio Museum, REUTERS, Rights, Piaggio, Telecom Italia, Pirelli, Fiat, Alitalia, Thomson Locations: Pontedera, Italy, Asia, India, China, Vietnam, Fiamm, Europe

☆ Pirelli gets new board after battle over Chinese influence
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

MILAN, July 31 (Reuters) - Pirelli (PIRC.MI) investors on Monday approved a new board for the tyremaker, giving it a new three-year governance set-up after the Italian government last month took steps to curb the influence of the company's leading Chinese investor. Andrea Casaluci, previously General Manager Operations, has been promoted to CEO, Pirelli said in a statement. Pirelli's new chairman is Jiao Jian, the chief executive of leading shareholder Sinochem (600500.SS), the state-owned Chinese group. The intervention strengthened the influence of Camfin even though it has a smaller stake than Sinochem in the company, the tyre supplier for Formula One motor racing. As part of the measures, Camfin retained the power to designate Pirelli's CEO and set strategies, with limited power for Sinochem to influence the group's management.

Persons: Andrea Casaluci, Pirelli, Marco Tronchetti Provera, Provera, Jiao Jian, Sinochem, Camfin, Giulio Piovaccari, Alvise Armellini, Mark Potter Organizations: MILAN, Pirelli, Formula, Thomson Locations: Italian, Sinochem, China's

☆ Formula One’s Netflix effect filtering down to schools
▼ + stars: | 2023-07-13 | by ( Story Reuters | ) edition.cnn.com time to read: +2 min

CNN —Organizers of the ‘F1 in Schools’ competition say the Netflix ‘Drive to Survive’ effect is reaching the classroom with a record number of teams entered in this year’s finals in Singapore in September. “There’s 68% girls in Saudi doing it and three (Saudi) teams coming with a majority of girls,” said Denford. The program launched in Britain in 2000 with eight schools in Wakefield and now has more than 28,000 educational institutions involved worldwide. At the youngest level, kids start at the age of nine with paper cars powered by bicycle pumps. In the top 11-19 age bracket, the cars are carved from a block of balsa wood and powered by a gas canister.

Persons: ’, Andrew Denford, ‘, “, ”, Denford, Charles Leclerc, Chris Graythen, We’ve Organizations: CNN —, Netflix, Singapore, Prix, Saudi, Ferrari, Miami Grand Prix, Formula, Pirelli, favela Locations: Singapore, Saudi, Britain, Wakefield, Soweto, Brazil

☆ Formula One's Netflix effect filtering down to schools
▼ + stars: | 2023-07-12 | by ( Alan Baldwin | ) www.reuters.com time to read: +2 min

LONDON, July 12 (Reuters) - Organisers of the 'F1 in Schools' competition say the Netflix 'Drive to Survive' effect is reaching the classroom with a record number of teams entered in this year's finals in Singapore in September. "There's 68% girls in Saudi doing it and three (Saudi) teams coming with a majority of girls," said Denford. The programme launched in Britain in 2000 with eight schools in Wakefield and now has more than 28,000 educational institutions involved worldwide. At the youngest level, kids start at the age of nine with paper cars powered by bicycle pumps. In the top 11-19 age bracket the cars are carved from a block of balsa wood and powered by a gas canister.

Persons: Andrew Denford, We've, Alan Baldwin, Toby Davis Organizations: Schools, Netflix, Singapore, Prix, Saudi, Formula, Pirelli, Thomson Locations: Singapore, Saudi, Britain, Wakefield, Soweto, Brazil

☆ Any True Modern-Design Lover Needs to Know About This Masterpiece
▼ + stars: | 2023-07-07 | by ( J.S. Marcus | ) www.wsj.com time to read: 1 min

I AM just crazy about Milan’s Pirelli Tower. The stylish but severe 1950s skyscraper, once headquarters of the Italian tire company, was the brainchild of Giovanni “Gio” Ponti (1891–1979), the colossus of 20th-century Milanese design. A polymath architect-designer whose output ranged from ocean liners to cutlery sets, Ponti went on to complement this high-modernist office building, still his best-known work, with a late, imaginative masterpiece—1970’s La Concattedrale Gran Madre di Dio, a church in Taranto, a remote harbor town in Puglia in the heel of Italy’s boot.

Persons: Giovanni “ Gio ” Ponti, Ponti Organizations: Pirelli Locations: Taranto, Puglia

☆ The Fed can’t decide how much money US households have left
▼ + stars: | 2023-07-05 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Interest rates are higher and so are prices, credit is drying up and there are signs that the labor market is finally softening. The problem is that no one, not even the Federal Reserve, knows how much longer the American consumer can keep on spending. Personal saving rates soared as a result, with US households amassing about $2.3 trillion in savings in 2020 and through the summer of 2021, according to Federal Reserve economists. Economists know that savings must be dissipating, but haven’t quite figured out just how much of that money is left. Just a few weeks later, economists at the Federal Reserve Board of Governors in Washington said just the opposite.

Persons: New York CNN — There’s, we’ve, ”, Torsten Slok, Lydia Boussour, Hanna Ziady, Xiaofei Xu, Beijing’s, Laura He, Wei Jianguo, Funflation, Beyflation — Taylor Swift, Fisher, don’t Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Commerce Department, Federal Reserve Bank of San, Governors, Apollo Global Management, Consumer, Reuters, China Daily, Fisher Investments, National Statistics Locations: New York, Federal Reserve Bank of San Francisco, Washington, United States, EY, Boussour, China, Beijing, Japan, Italy, Netherlands, Swiftflation

Gallium and germanium will be subject to export controls starting August 1 “to protect national security and interests,” China’s Ministry of Commerce said in a statement Monday. Gallium and germanium are used in a variety of products, including computer chips and solar panels. Beijing’s move comes just days after the Dutch government announced new restrictions on exports of some semiconductor equipment, drawing an angry response from Beijing, according to Reuters. The new rules mean that ASML (ASML), Europe’s largest tech firm, will need to apply for export licenses for products used to make microchips. Critics of the decision “could ask the US government why it holds the world’s largest germanium mines but seldom exploits them.

Persons: Janet Yellen, Yellen, — Olesya Dmitracova Organizations: Paris CNN — Beijing, China’s Ministry of Commerce, . Geological Survey, Reuters, China, US, Communist Party, Treasury Locations: Paris, United States, Europe, China, Beijing, Japan, Italy, Washington, Netherlands

☆ Europe—and Tiremaker Pirelli—Struggle to ‘De-risk’ From China
▼ + stars: | 2023-06-23 | by ( Jacky Wong | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Chinese economic planner woos European giants Airbus, BMW despite unresolved tensions over Ukraine
▼ + stars: | 2023-06-23 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The Chinese planner said it supports domestic airlines cooperating with Airbus according to their needs. He also witnessed the signing of the agreements between the NDRC and the European companies separately in Berlin and Paris, according to the Chinese planner. Relations are also strained from recent moves by European Union regulators and governments to limit China’s access to sensitive technology. In March, the European Commission president Ursula von der Leyen called on Europe to reassess its diplomatic and economic relations with China. “Germany is committed to actively broadening our economic relations with Asia and beyond,” Scholz said at a joint press conference with Li, according to French news agency AFP.

Persons: Guillaume Faury, Zheng Shanjie, Li Qiang, Li, Ursula von der Leyen, Olaf Scholz, ” Scholz, China’s Sinochem Organizations: Hong Kong CNN, Moscow, Airbus, BMW, Mercedes, Benz, Volkswagen, Siemens, BASF, National Development, Reform Commission, Union, ASML, European, AFP Locations: Hong Kong, China, Ukraine, Paris, Tianjin, Europe, European, Berlin, Beijing, Russia, United States, Netherlands, Germany, Asia, Italy

☆ Italy's Brembo wary of getting dragged into Pirelli's China dispute
▼ + stars: | 2023-06-21 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +3 min

Rome's move will limit the influence of its largest investor, China's Sinochem which has a 37% stake. China is the third-largest market for Bergamo-based Brembo, after the United States and Germany. "If China should somehow retaliate, it wouldn't be just Brembo to suffer, but the whole Italian economy," the source said, referring to the extensive business interests of Italian companies in China. PUTTING THE BRAKES ONAnalysts have speculated about a possible long-term plan to merge Brembo and Pirelli, two of Italy's largest components suppliers in the automotive industry. Pirelli has a market cap of around 4.5 billion euros ($4.9 billion), broadly in line with 4.8 billion euros for Brembo.

Persons: Brembo, Camfin, Marco Tronchetti Provera, Sinochem, Gold, Carlo Alberto Carnevale Maffè, Tronchetti, They've, Giulio Piovaccari, Keith Weir, Sharon Singleton Organizations: MILAN, Pirelli, Reuters, Gold Phoenix, Bocconi University's School of Management, Thomson Locations: China, Bergamo, United States, Germany, Rome, Netherlands

☆ Italy's Brembo to move to Amsterdam to increase M&A options
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +2 min

MILAN, June 20 (Reuters) - Italy's Brembo (BRBI.MI) is to move its legal headquarters to the Netherlands and strengthen its loyalty share scheme in a move aimed at increasing M&A opportunities, the premium brake maker said on Tuesday. The announcement follows similar moves by other major Italian companies, including Ferrari (RACE.MI), Exor (EXOR.AS), Mediaset (MFEB.MI) and Campari (CPRI.MI), to establish in the Netherlands to enjoy the benefits of the country's favourable loyalty share legislation. Brembo's tax residence will remain in Italy while its shares will continue to be listed in Milan, the group said. "Brembo intends to continue to grow and remain a competitive key player in the global automotive market that is currently undergoing a great transformation," he said. Reporting by Giulio Piovaccari and Francesca Landini; editing by Keith Weir and Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

Persons: Brembo, Matteo Tiraboschi, Camfin, Marco Tronchetti Porvera, Giulio Piovaccari, Francesca Landini, Keith Weir, Conor Humphries Organizations: MILAN, Ferrari, Brembo's, Citigroup, Brembo, Pirelli, Thomson Locations: Netherlands, Italy, Milan

☆ Pirelli: Italy ties China's hands over fears about chip technology
▼ + stars: | 2023-06-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Italy has imposed several curbs on Pirelli’s biggest shareholder, Sinochem, in a move aimed at blocking the Chinese government’s access to sensitive chip technology. The government order risks inflaming tensions between Europe and Beijing, and follows similar intervention by Germany and the United Kingdom to protect their semiconductor technology. The order sets a host of limitations on Sinochem’s involvement in Pirelli, including a bar on it devising the company’s strategy and financial plans, or appointing a CEO. It requires that Pirelli refuse any requests from Sinochem’s owner — China’s State-owned Assets Supervision and Administration Commission of the State Council — for information sharing, including any information connected to the “know-how” of proprietary technologies. Separately, Rome is also assessing whether to renew its partnership with Beijing on the Belt and Road Initiative — China’s global infrastructure and investment megaproject.

Persons: Pirelli, Antony Blinken, Sinochem, Pirelli’s, —, — Laura Organizations: London CNN —, ASML, CNN, Pirelli, Union, Supervision, Administration Commission, State, AstraZeneca, Financial Times, Sequoia Capital, European Commission, Reuters Locations: London CNN — Italy, Europe, Beijing, Germany, United Kingdom, Netherlands, China, Ukraine, — China’s, Rome, Italy, Hong Kong

☆ Italy rules Pirelli's Chinese top investor cannot choose CEO
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] Pirelli CEO Marco Tronchetti Provera attends a theatrical performance on the occasion of the 150th anniversary celebration of Italian tyremaker in Milan, Italy, January 28, 2022. Rome's move came after Sinochem notified the Italian government in March of plans to renew and update an existing shareholder pact with fellow investor Camfin, the vehicle of Pirelli's CEO Marco Tronchetti Provera. Rome also ruled Sinochem should pick no more than eight members of Pirelli's 15-strong board, leaving four to Camfin. Pirelli shareholders vote to pick a new board on July 31, with current deputy CEO Giorgio Bruno set to replace Tronchetti Provera, who would stay on as executive vice-chairman. Analysts see the move as an initial step to build an alternative and stable group of Italian shareholders for the company.

Persons: Marco Tronchetti Provera, Flavio Lo Scalzo, China's, tyremaker Pirelli, Rome's, Sinochem, Camfin, Giorgia, Tronchetti Provera, Pirelli's, Giorgio Bruno, Giuseppe Fonte, Valentina Za, Giulio Piovaccari, Louise Heavens Organizations: Pirelli, REUTERS, Reuters, Thomson Locations: Milan, Italy, China, Rome, Camfim

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