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Top related persons:
Camfin - 7 Giulio Piovaccari - 7 Sinochem - 6 Marco Tronchetti Provera - 6 Keith Weir - 3 Tronchetti Provera - 3 Giorgio Bruno - 3 Giuseppe Fonte - 3
Top related locs:
Rome Italy China Milan Italian Sinochem Netherlands Moscow
Top related orgs:
Pirelli - 7 Thomson - 7 MILAN - 4 Formula - 3 REUTERS - 2 Ferrari - 2 Camfin - 2 Silk - 1

Search resuls for: "Tronchetti"


7 mentions found


☆ 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
☆ 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
☆ 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
☆ Italy's government acts to curb Chinese influence on Pirelli
  + stars: | 2023-06-16 | by ( Alvise Armellini Giuseppe Fonte Giulio Piovaccari | Alvise Armellini | Giuseppe Fonte | ) www.reuters.com   time to read: +3 min
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
☆ 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
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