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☆ 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

☆ 2024 Dodge Hornet R/T: An Italian Stallion, Made for America
▼ + stars: | 2023-06-30 | by ( Dan Neil | ) www.wsj.com time to read: 1 min

SPORTY STANCE The 2024 Dodge Hornet R/T is a sport-tuned plug-in hybrid, with up to 288 hp and 383 lb-ft of gas-electric output, packaged with performance upgrades such as Brembo brakes, Koni dampers and the PowerShot boost feature, helping the compact crossover from 0 to 60 mph in 5.6-seconds. Photo: DodgeOUR GUEST has come a long way to be with us. Born near sunny Napoli, in the Kingdom of Stellantis , it travels under the name of the Dodge Hornet R/T but was born an Alfa Romeo Tonale, which rhymes with giornale. Dodge needed a compact crossover in its North American showrooms; and the historically dubious “Hornet” nameplate was available. The last Hornet model in series-production (1970-1977) was built by American Motors Corporation.

Persons: Romeo Tonale, Dodge Organizations: Dodge Hornet, Dodge, American Motors Corporation Locations: Napoli, Kingdom of Stellantis

☆ 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

☆ 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

☆ Pirelli CEO 'confident' Rome will act to curb Chinese influence over tyremaker
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

MILAN, June 15 (Reuters) - Pirelli's CEO (PIRC.MI) said in a recent private meeting that he is "very confident" Rome will use its Golden Power to curb Chinese influence over the Italian tyremaker, deemed a strategic asset, a person with knowledge of the matter said. Italy's right-wing government led by Giorgia Meloni is assessing a new governance agreement at Pirelli between its largest shareholder, China's Sinochem (600500.SS), and fellow investor Camfin, the vehicle of Pirelli CEO Marco Tronchetti Provera. The source said that Tronchetti Provera had expressed confidence at a recent meeting that the situation would be resolved positively. Tronchetti Provera had previously warned Rome, in a hearing with government officials, that the tyremaker's independence is at stake because of Sinochem's growing grip, the Wall Street Journal has reported. A spokesperson for the Pirelli CEO said Tronchetti Provera had no information to enable him to make - and he has not made - any predictions as to what decisions the government might take.

Persons: Giorgia Meloni, China's Sinochem, Camfin, Marco Tronchetti Provera, Tronchetti Provera, Sinochem, Giorgio Bruno, Giorgio Bruno ', Andrea Bruno, Giulio Piovaccari, Giuseppe Fonte, Susan Fenton Organizations: MILAN, Pirelli, Reuters, Wall Street, Camfin, Thomson Locations: Rome, Italy

Hidalgo, just outside Mexico City, is hundreds of miles from the border yet land and labor costs are lower. The United States and Canada have formally entered a trade dispute over Mexico's energy policy. It remains unclear exactly what Tesla's investment in Mexico will look like and what the company plans to produce in the country. Yet Mexico's capacity for a nearshoring boom has been held back by Lopez Obrador, particularly his energy policies, analysts said. Reporting by Diego Ore and Daina Beth Solomonin Mexico City Additional reporting by Kylie Madry in Mexico City Editing by Stephen Eisenhammer and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Italy's Brembo sets up venture capital arm to invest in tech startups
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

MILAN, Oct 19 (Reuters) - Premium brakes maker Brembo (BRBI.MI) said on Wednesday it had set up an internal venture capital unit, called Brembo Ventures, to accelerate the development of technologic solutions to be applied to the automotive industry. A spokesman for the group said Brembo Ventures was a unit and not set up as a proper venture capital fund with an initial financial endowment. Register now for FREE unlimited access to Reuters.com RegisterBrembo Ventures will invest in startups globally, focusing on artificial intelligence, big data, sensors, mechatronics, energy efficiency and sustainability, it said in a statement. "With Brembo Ventures, we are even more structured to seize the market opportunities that can contribute to our goal of redefining future of braking systems and mobility," Brembo's Chief Business Development Officer Roberto Grazioli said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Giulio Piovaccari; editing by Agnieszka FlakOur Standards: The Thomson Reuters Trust Principles.

☆ 2022 Acura MDX Type S Advance: A Feast of Upgrades
▼ + stars: | 2022-10-13 | by ( Dan Neil | ) www.wsj.com time to read: +1 min

ALL ABOARD The 2022 Acura MDX Type S Advance ($73,245, as tested) is a performance-enhanced version of the company’s premium midsize SUV, in which the standard 3.5-liter V6 is replaced by a lighter, more powerful turbo V6 (355 hp/354 lb-ft), and adding sport-tuned air suspension and stronger front brakes from Brembo. The 2022 Acura MDX Type S Advance answers the question: How many options, extras and come- ons can be loaded aboard a family SUV before the tires pop? This “lavishly equipped” version of the company’s premium people-mover ( $73,245, as tested) “raises the bar for opulence,” says the wild-eyed press release. Shield your eyes from its Diamond Pentagon grille, whose brightwork pattern scintillates around the large Acura emblem, like op-art. Dig those chrome quad exhaust tips, the gloss-black 21-inch wheels, the bright red Brembo brake calipers.

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