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☆ Italy, KKR discussing terms of state investment into fixed line grid - sources
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. The preliminary agreement could be signed as early as this week, one of the sources said, adding that discussions were still ongoing. The Treasury could join KKR in its preliminary 23 billion euro ($25 billion) bid for TIM's grid and secure a government stake in the venture that will own the network, alongside other potential state-backed investors, the sources said. Debt-laden TIM has granted KKR an exclusivity period until the end of September to negotiate a binding bid for Netco, a venture comprising both TIM's fixed domestic access grid and submarine cable unit Sparkle. ($1 = 0.9127 euros)Reporting by Elvira Pollina and Giuseppe Fonte; writing by Valentina Za; Editing by Alvise ArmelliniOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Elvira Pollina, Giuseppe Fonte, Valentina Za, Alvise Organizations: Telecom Italia, REUTERS, Treasury, KKR, Telecom Italia's, TIM, Netco, Thomson Locations: MILAN

☆ U.S. publishing executive killed in Italian boating accident
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +1 min

ROME, Aug 5 (Reuters) - An American publishing executive died after being knocked overboard in a boating accident off the Amalfi Coast in southern Italy, the Association of American Publishers (AAP) said. Adrienne Vaughan headed the U.S. division of British publishing group Bloomsbury (BLPU.L), best known for the Harry Potter novels. "Adrienne Vaughan was a leader of dazzling talent and infectious passion and had a deep commitment to authors and readers. Prosecutors in the southern port city of Salerno are investigating how the accident happened. Italian newspaper Corriere della Sera reported the skipper of the motorboat was placed under investigation and initially tested positive for substance use.

Persons: Adrienne Vaughan, Harry Potter, Vaughan, Italy's, Ansa, della Sera, Giuseppe Borrelli, Corriere, Keith Weir, Angelo Amante, Andrew Cawthorne Organizations: Association of American Publishers, Bloomsbury, AAP, Prosecutors, della, Thomson Locations: American, Amalfi, Italy, U.S, Ravello, Salerno

☆ Italy scales back plans to control prices of essential goods
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

ROME, Aug 3 (Reuters) - Italy has scaled back its anti-inflation plans after producers refused to submit to a deal with supermarket chains to control prices of consumer staples, three people familiar with the talks said on Thursday. The accord was supposed to deliver a "decisive blow" to inflation, Industry Minister Adolfo Urso said on Monday. But the people said on Thursday the government had not managed to get support from industry associations and so the supermarkets did not intend to endorse the plan. Seen by Reuters, the statement acknowledges that the industry associations have so far not been willing to sign off on any deal. Urso will chair a video call on Friday at 0730 GMT to ratify the joint declaration, one of the sources said.

Persons: Adolfo Urso, Urso, Giorgia Meloni, Giuseppe Fonte, Tomasz Janowski, Andrew Heavens Organizations: Industry, Reuters, Thomson Locations: Italy

☆ Larry Fink’s Bet on Saudi Oil Money Is Also His Latest E.S.G. Woe
▼ + stars: | 2023-08-02 | by ( Maureen Farrell | More About Maureen Farrell | ) www.nytimes.com time to read: +1 min

For years, Larry Fink, the chief executive of the giant asset manager BlackRock, has been broadcasting a message to corporate America: Environmental, social and governance goals should be core to how companies do business. So when BlackRock announced in July that it would appoint Amin Nasser, the head of the world’s largest oil company, Aramco, to its board, investors and politicians immediately called out Mr. Fink on what they said was his hypocrisy. It’s the latest example of the increasingly difficult situation Mr. Fink finds himself in: His championing of E.S.G. has drawn accusations of “woke” capitalism from the right while his embrace of energy companies has upset those on the left. The political blowback has made it more challenging for Mr. Fink to do his day job of finding new sources of money that BlackRock — which oversees $9 trillion in assets — needs to drive growth and keep shareholders happy.

Persons: Larry Fink, Amin Nasser, Fink, ”, Giuseppe Bivona, Fink’s, “ Organizations: BlackRock, Aramco, Bluebell Locations: America, London

☆ Euclid telescope shares its first glimpses of the universe
▼ + stars: | 2023-08-01 | by ( Ashley Strickland | ) edition.cnn.com time to read: +6 min

CNN —The Euclid space telescope, designed to investigate some of the universe’s biggest mysteries, has captured its first glimpses of the cosmos. Investigating invisible dark matterEuclid’s primary goal is to observe the cosmic mysteries of the universe, including dark matter and dark energy. While dark matter has never actually been detected, it is believed to make up at least 85% of the total matter in the universe. These observations will effectively allow Euclid to see how the universe has evolved over the past 10 billion years. As Euclid makes its observations, the telescope will create a catalog of about 1.5 billion galaxies and the stars within them.

Persons: ”, Giuseppe Racca, “, Euclid, NASA’s James Webb, Josef Aschbacher, Reiko Nakajima, we’ve, William Gillard, Georges Lemaître, Edwin Hubble, Webb Organizations: CNN, European Space Agency, Telescope, ESA, Canadian Space Agency, Euclid, Euclid Consortium, NASA Locations: Alexandria

Gross domestic product (GDP) contracted by 0.3% on a quarterly basis between April and June and was up 0.6% year-on-year, national statistics bureau ISTAT said. ISTAT gave no numerical sector breakdown of its preliminary second-quarter GDP estimate, but said industry and agriculture output decreased whereas services grew marginally. The 0.3% contraction left Italy with so-called "carryover" growth of 0.8% this year, assuming GDP would be flat in the remaining two quarters. "Italy is an advanced industrial country and the weakness in industry is much more important than the tourism sector for the economy's health," said Lorenzo Codogno, head of LC Macro Advisors and former chief economist at Italy's Treasury. ISTAT also said annual inflation slowed to 6.4% in July from 6.7% in June, on a EU-harmonised consumer prices.

Persons: Giorgia Meloni, Franziska Palmas, Intesa, Lorenzo Codogno, Alvise Armellini, Elvira Pollina, Sharon Singleton, Alistair Bell Organizations: Gross, Reuters, Capital Economics, ISTAT, LC Macro Advisors, Italy's Treasury, Thomson Locations: ROME, Italy, Rome, Milan

☆ Italy minister says decision to join flagship Chinese scheme ‘wicked’
▼ + stars: | 2023-07-30 | by ( Sophie Tanno | ) edition.cnn.com time to read: +2 min

CNN —Italy’s defense minister called his country’s decision to join a flagship Chinese infrastructure scheme “wicked,” as the government weighs up whether continue as part of the scheme. It was established to rebuild China’s Silk Road, connecting Asia with Africa and Europe with the aim of increasing trade and economic growth. “We have exported a load of oranges to China, they have tripled their exports to Italy in three years. He described Beijing as “a competitor, but also a partner.”Italy’s membership of the BRI expires in 2024. Earlier this year, Prime Minister Giorgia Meloni said that it was possible to have “good relations” with China outside the scheme.

Persons: CNN —, Guido Crosetto, –, China’s Xi, Critics, Crosetto, Sera, Giuseppe Conte, ”, Giorgia Meloni Organizations: CNN, della Sera, Initiative Locations: Chinese, –, Italy, Asia, Africa, Europe, Papua New Guinea, Kenya, Sri Lanka, West Africa, Latin America, Southeast Asia, China, Paris, Beijing

☆ Italy wins EU nod to clinch 18.5 bln euros in post-COVID funds
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

ROME, July 28 (Reuters) - The European Commission said on Friday it had provisionally approved the payment to Italy of a third tranche of 18.5 billion euros ($20.43 billion) in post-COVID recovery funds. The approval of the money had been blocked in March due to Rome's failure to meet previously agreed policy conditions. "The European Commission strongly encourages all member states, including Italy, to proceed with the timely implementation of their respective recovery and resilience plans," it added. Prime Minister Giorgia Meloni welcomed the announcement and reiterated Rome's commitment to securing all 35 billion euros in post-COVID funds scheduled for this year. Italy is due to receive some 191.5 billion euros in EU cheap loans and grants through 2026.

Persons: Giorgia Meloni, Giuseppe Fonte, Gavin Jones Organizations: European, European Commission, Thomson Locations: Italy, Brussels

LONDON/NEW YORK, July 27 (Reuters) - Chocolate and coffee makers including Italy's Lavazza and Cadbury-maker Mondelez are concerned about the "practicalities" of a new European Union law aimed at stopping deforestation. Several major investors told Reuters last month that concerns about their exposure to the issue could lead them to quit consumer goods makers with "risky" supply chains. Oreo-maker Mondelez told Reuters it is "not clear on how they (EU authorities) will control or implement this" law. "It is entirely possible to trace coffee supply chains, despite their complexity. Italian confectionary group Ferrero wants the EU to provide specific guidance on compliance for each commodity because supply chains vary greatly between them.

Persons: Italy's, Mondelez, Giuseppe Lavazza, Lavazza, Christophe Hansen, Dirk Van de, Solidaridad, Julia Christian, Fern, Van de, Ferrero, Snorre, Matthew Scuffham, Catherine Evans Organizations: Cadbury, European Union, Reuters, European Commission, EU, Thomson Locations: EU

ROME, July 26 (Reuters) - Italy announced measures on Wednesday to help families and businesses hit by extreme climate events, as the country reels from a heatwave in the south and fierce storms in the north. A draft seen by Reuters showed that the decree had a cost of 10 million euros ($11.09 million) for state coffers. The government is ready to earmark some 10 million euros to refund airline tickets and hotel reservations to tourists without insurance coverage, Civil Protection Minister Nello Musumeci said. The Lombardy region around Milan has already asked the government to declare a state of emergency and has estimated damage of over 40 million euros, Musumeci said. The state of emergency, one approved by the government, removes bureaucratic obstacles and speeds up procedures to provide financial help.

Persons: Giorgia, Marina Calderone, Nello Musumeci, Musumeci Organizations: heatwave, Labour, Reuters, Civil, Thomson Locations: Italy, Sicily, Catania, Etna, Milan, Lombardy

☆ Wildfires bring death and destruction to Mediterranean
▼ + stars: | 2023-07-25 | by ( Fedja Grulovic And Lamine Chikhi | ) www.reuters.com time to read: +4 min

Without human-induced climate change, the events this month would have been "extremely rare", according to a study by World Weather Attribution, a global team of scientists that examines the role played by climate change in extreme weather. The heat, with temperatures topping 40 Celsius (104 Fahrenheit), is well in excess of what usually attracts tourists who flock to southern European beaches. Neighbouring Algeria deployed some 8,000 firefighters to bring its deadly fires under control, authorities said. Malta, another major Mediterranean holiday destination, suffered a raft of power cuts across the country, affecting its largest hospital, after a week-long heatwave. "I have been through 65 summers in my lifetime... and what I am seeing now is not normal, we can no longer deny it, climate change is changing our lives," Mayor Giuseppe Sala said on social media.

Persons: Rhodes Blaze, RHODES, Ramzi Boudina, Kyriakos Mitsotakis, Rhodes, Lanai Karpataki, Europe's sweltering, Giuseppe Sala, Angeliki Koutantou, Renee Maltezou, Federico Maccioni, Alvise, Lamine Chikhi, Jana Choukeir, Nayera Abdalla, David Stanway, Keith Weir, Janet Lawrence Organizations: REUTERS, Thomson Locations: Algeria, Rhodes, Palermo, Tunisia, Malta, ALGIERS, Sicily, China, United States, Europe, North Africa, Bejaia, Kiotari, Europe's, Milan

☆ Italy readies special furlough scheme to save workers from heatwave
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

[1/3] People cool themselves at the Trevi Fountain during a heatwave across Italy as temperatures are expected to cool off in Rome, Italy, July 20, 2023. REUTERS/Remo Casilli/File PhotoROME, July 25 (Reuters) - Italy is preparing special measures to help construction and agricultural firms keep staff at home during an intense summer heatwave, government officials and trade unionists said on Tuesday. Giorgia Meloni's cabinet will probably discuss the furlough scheme at a meeting on Wednesday, Labour Minister Marina Calderone told the unions at a gathering about the weather emergency. "Nothing is provided to help people working for delivery firms or seasonal workers, or other categories of employees," it said in a statement. Italian hospitals in the regions worst hit by soaring temperatures are seeing a jump in heat-related emergencies, medics have said.

Persons: Trevi, Remo Casilli, Giorgia Meloni's, Marina Calderone, Giuseppe Fonte, Gavin Jones Organizations: REUTERS, Labour, Italy's, heatwave, heatwaves, Thomson Locations: Italy, Rome

☆ Italy's Meloni says Biden never raised issue of Belt and Road membership
▼ + stars: | 2023-07-23 | by ( ) www.reuters.com time to read: +1 min

ROME, July 23 (Reuters) - Italy's Prime Minister Giorgia Meloni, who will visit the White House on Thursday, said that U.S. President Joe Biden had never challenged her on the issue of Rome being part of the Chinese Belt and Road Initiative (BRI). Meloni leads the only major Western country to have joined China's BRI scheme, which envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with large infrastructure spending. "The president of the United States has never directly raised the question with me," she told a news conference following an international meeting on migration in Rome. The deal was signed in 2019 under the administration of Prime Minister Giuseppe Conte, drawing criticism from Washington and Brussels, and Italy is highly unlikely to renew it when it expires early next year. It has produced little benefit for Italy over the past four years, with exports to China totalling 16.4 billion euros ($18.1 billion) last year from 13 billion euros in 2019.

Persons: Giorgia Meloni, Joe Biden, Meloni, Giuseppe Conte, Angelo Amante, Keith Weir Organizations: Italy's, White, Initiative, Thomson Locations: Rome, China, Asia, Europe, United States, Washington, Brussels, Italy

☆ Extreme heat in the Mediterranean could dent tourist bookings in future
▼ + stars: | 2023-07-21 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

“This can be attributed to travelers seeking out less crowded destinations, and milder temperatures,” the association said. This summer’s extreme temperatures follow blistering heat last year. Meanwhile, online searches for northern European destinations increased by 3 percentage points to hit 10%. Southern Europe still popular with BritsDespite rocketing temperatures, countries in southern Europe are still the go-to spots for many vacationers. Spain, Greece and Turkey are still “by far the most popular [destinations],” he said, which hasn’t “changed at all.”— Barbie Latza Nadeau and Chris Liakos contributed reporting.

Persons: Angelos Tzortzinis, Olivier Ponti, ”, —, Johan Lundgren, Giuseppe Napolitano, Thomas Cook, Sean Tipton, hasn’t “, ” — Barbie Latza Nadeau, Chris Liakos Organizations: London CNN —, European Travel Commission, Tourism Council, Tourists, CNN, European Space Agency, ESA, British, Med Locations: London CNN — Spain, Italy, Europe, Brussels, Spain, France, Croatia, Greece, Czech Republic, Bulgaria, Ireland, Denmark, Athens, United Kingdom, Rome, Nicosia, Cyprus, Catania, Sicily, Southern Europe, Turkey

☆ Italian Antitrust body backs deal to soften fees on digital payments
▼ + stars: | 2023-07-20 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

SummaryCompanies Deal would allow Italy to drop threat of levyFinancial firms demanded Antitrust assurancesTerms agreed not expected to alter status quoROME, July 20 (Reuters) - Italian Antitrust body has given a green light to a deal negotiated by retailers, banks and payment firms to soften fees on small card transactions as demanded by the government, according to sources and documents seen by Reuters. People familiar with the matter said the parties had finalised the terms of a Memorandum of Understanding (MOU) last month, but financial firms were worried about the risk of future fines for competition law infringements. As a result, the Treasury sought an opinion from the Antitrust authority. The MOU, seen by Reuters, encourages financial companies to launch competitive commercial initiatives on payments not exceeding 30 euros but stops short of demanding firm promises. The Treasury could summon the parties on July 27 to try to formalise the deal, a source said.

Persons: Giorgia Meloni, Rome, Mario Draghi, Keith Weir Organizations: Reuters, Mastercard, Visa, Treasury, Thomson Locations: Italy

In mid-2020 Rome secured the lion's share of a 724-billion-euro kitty aimed at helping EU members emerge from COVID greener and more tech-friendly. Italy's 191.5 billion euros ($210 billion) of cheap loans and grants, to be received in tranches through 2026, was intended for productive investments in the bloc's most chronically stagnant economy. MICRO-PROJECTSMore than half the EU money is meant to go on digitalisation and ecological transition, with the rest devoted to sustainable transport, education, social cohesion and health. The government is still awaiting a 19-billion-euro tranche of the EU funds blocked in March over missed policy targets stemming from 2022. It brings Italy's byzantine rules closer to EU standards, but Gobbato said people will initially find it hard to adapt.

Persons: Flavio Lo Scalzo, Rome, Roberto Perotti, Giorgia Meloni, Mario Draghi, Giuseppe Conte, Carlo Messina, Intesa, Vittorio Soldavini, Davide Carlucci, It's, Gustavo Piga, Rome's, Ilaria, Dentons, Gobbato, Catherine Evans Organizations: REUTERS, Milan's Bocconi University, Treasury, European Central Bank, Technology, Tor Vergata University, Reuters, Thomson Locations: Milan, Italy, ROME, MILAN, tranches, Brussels, Italy's, Italian, Parma

CNN —A blistering and deadly heat wave in Italy this week could break records, with temperatures predicted to soar past 45 degrees Celsius (113 Fahrenheit) in some parts of the country. The warning comes on the heels of a report published in Nature on Monday, which found that last year’s heat wave killed 61,672 people in Europe. The heat wave is also affecting other European countries including France, Germany and Spain. This heat wave follows another one in Spain in April, which saw temperatures soar to 38.8 degrees Celsius, smashing the previous national monthly record. Scientists found that this heat wave – which also affected Portugal, Morocco and Algeria – was made 100 times more likely by the human-caused climate crisis.

Persons: ” Luca Mercalli, Nicola Fratoianni, ” Fratoianni, Giuseppe Napolitano, Emanuele Perrone, Mercalli, Gregorio Borgia, Cerberus, Algeria – Organizations: CNN, Italian Meteorological Society, Twitter, Health Locations: Italy, Italian, Lodi, Rome, Tempio Pausania, Sardinia, Europe, Florence, Bologna, Nature, United States, Sicily, France, Germany, Spain, Portugal, Morocco, Algeria

☆ Italy collects around $3 bln from 2023 energy windfall tax
▼ + stars: | 2023-07-10 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

Summary Tax take slightly above Treasury estimatesItaly phasing out expansionary fiscal policySpike in energy prices has largely reversedROME, July 10 (Reuters) - Italy has collected around 2.8 billion euros ($3.07 billion) from this year's windfall tax on energy companies, people familiar with the matter told Reuters on Monday. The Treasury in December estimated the levy would yield around 2.6 billion euros. Under the terms set in the 2023 budget, around 7,000 producers and sellers of electricity, gas and petrol products were required to pay the levy. This year's windfall tax replaced a levy in 2022 that reaped a similar amount of money but triggered criticism and refusals to pay from multiple firms. Italy has promised to gradually phase out the expansionary fiscal policy adopted since 2020 in the wake of the COVID-19 pandemic and the energy crisis.

Persons: refusals, Gilberto Pichetto Fratin, Giorgia, Christina Fincher Organizations: Reuters, Treasury, Energy, Thomson Locations: Italy, ROME, Ukraine

[1/5] Firefighters work at the scene following a fire in a retirement home in Milan, Italy, July 7, 2023. REUTERS/Claudia GrecoMILAN, July 7 (Reuters) - An overnight fire in a retirement home in Milan killed six people and injured around 80, including three who are in a critical condition, Italian authorities said on Friday. Two residents burned to death in their room, while four others died from intoxication, Milan Mayor Giuseppe Sala said, speaking to reporters on the scene. Having said that, six dead is a very heavy death toll," Sala said, indicating that the facility housed 167 people. They evacuated about 80 people, including many in wheelchairs, while another 80 or so were taken to hospital, local firefighters' chief Nicola Miceli told RAI public television.

Persons: Claudia Greco MILAN, Giuseppe Sala, Sala, Firefighters, Luca Cari, Nicola Miceli, Lucia, Giselda Vagnoni, Keith Weir Organizations: REUTERS, Milan, Firefighters, RAI, Thomson Locations: Milan, Italy, Corvetto

☆ Italy launches COVID inquiry panel, opposition fears witch hunt
▼ + stars: | 2023-07-06 | by ( Angelo Amante | ) www.reuters.com time to read: +2 min

ROME, July 6 (Reuters) - Italy's lower house of parliament on Thursday backed a parliamentary inquiry into the handling of the COVID-19 pandemic, with the opposition voicing fears of a witch hunt against those in charge at the time. Giuseppe Conte and former health minister Roberto Speranza," Conte himself, who now heads the opposition 5-Star Movement, told parliament. After the result was announced, the coalition lawmakers shouted in chorus "truth, truth." Italy is not the only country holding an inquiry into the pandemic management. Tommaso Foti, the lower house leader of Meloni's Brothers of Italy party, said the COVID issue caused "doubts and pain" among Italians.

Persons: coronavirus, Giuseppe Conte, Giorgia Meloni, Roberto Speranza, Conte, Speranza, Tommaso Foti, Meloni's, Angelo Amante, Keith Weir Organizations: Senate, Star Movement, World Health, Thomson Locations: Italy, COVID, Britain, Bergamo

☆ European telescope launched to hunt for clues to universe's darkest secrets
▼ + stars: | 2023-07-01 | by ( ) www.cnbc.com time to read: +3 min

A SpaceX Falcon 9 rocket, with the European Space Agency Euclid space telescope, lifts off from pad 40 at the Cape Canaveral Space Force Station in Cape Canaveral, Fla., Saturday, July 1, 2023. The Euclid mission is designed to explore the evolution of the dark universe. A European space telescope blasted off Saturday on a quest to explore the mysterious and invisible realm known as the dark universe. SpaceX launched the European Space Agency's Euclid observatory toward its ultimate destination 1 million miles (1.5 million kilometers) away, the Webb Space Telescope's neighborhood. "It's more than a space telescope, Euclid.

Persons: Webb, Josef Aschbacher, Carole Mundell, Euclid, It's, Rene Laureijs, Europe's, Giuseppe Racca Organizations: SpaceX, European Space Agency, Cape Canaveral Space Force, Space, NASA Locations: Cape Canaveral, Fla, Germany, Florida, Guiana, South America, Ukraine

Opposition parties are clamouring for a vote in parliament, but Meloni said on Wednesday that was not about to happen and linked the debate to ongoing discussions on a broader reform of European budget rules. "Italy's interest is addressing negotiations on European governance, which covers the entirety of our national interests," she told parliament. "Meloni does not want to leave the anti-ESM front to Salvini and nobody wants to lose face," he told Reuters. Despite irritation in Brussels over the dithering in Rome, EU officials have told Reuters that any attempt by Meloni to link ESM approval to much more significant budget reform will not pay off. Italy, which has the second largest debt mountain in relation to its GDP in the euro zone after Greece, has criticised the suggestion.

Persons: Giorgia, Meloni, Matteo Salvini, Francesco Galietti, Paschal Donohoe, Francesco Saraceno, Crispian Balmer Organizations: ROME, European Union, Treasury, Reuters, European, Rome's Luiss University, Sciences Po, European Commission, Thomson Locations: Italy, Brussels, Rome, Sciences Po Paris, Greece, Rome's

KKR's approach incorporates a value for TIM's fixed landline network that could top 23 billion euros ($25 billion). TIM plans to analyse in depth the terms to be proposed by KKR, one of the sources said. Having already invested 1.8 billion euros in the grid, KKR has bid for a controlling stake in a unit comprising TIM's entire domestic fixed access network and submarine cable business Sparkle. KKR is also ready to let TIM retain a stake in its landline network. Prime Minister Giorgia Meloni's administration will have a say on any deal as Rome can use its "golden powers" rules to set conditions or block bids for strategic assets such as TIM's network.

Persons: Pietro Labriola's, Giancarlo Giorgetti, Giorgia Meloni's, Giuseppe Fonte, Elvira Pollina, Valentina Za, Kirsten Donovan Organizations: KKR, TIM, Telecom Italia, Macquarie, Reuters, Vivendi, Treasury, Thomson Locations: ROME, Rome

☆ 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

Sinochem was not immediately available for comment, while Pirelli declined to comment. Sources had previously told Reuters that the government was concerned about Sinochem's growing influence on Pirelli, as the proposed pact would have allowed the Chinese group to appoint more board members and potentially choose Pirelli's future CEOs. Founded in 1872, Pirelli is one of Italy's most storied companies. CHANGES NEEDEDMeloni's government refrained from imposing even tougher conditions on Sinochem, including blocking its voting rights in Pirelli. The Chinese group earlier this year confirmed its plans to remain a long-term investor in Pirelli.

Persons: China's Sinochem, Marco Tronchetti Provera, Giorgia, Sinochem, Rome, Camfin, Giorgio Bruno, Tronchetti Provera, Alvise Armellini, Giuseppe Fonte, Giulio Piovaccari, Sandra Maler Organizations: Beijing, tyremaker Pirelli, Camfin, Pirelli, Reuters, Big, Ferrari, Porsche, BMW, Formula, Initiative, Thomson Locations: Beijing ROME, China, Beijing, Italy, Europe, Rome, Milan

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