The two main shareholders of Pirelli, the Italian Camfin and the Chinese sinochem, they seem ready to say goodbye to them shareholder agreement, a move that could pave the way for a new government intervention Italian on the governance of the group. Sources close to the situation report this. Reuters, stressing that neither Camfin nor Sinochem have any intention of proposing a renewal of the agreement, the The deadline is set for May 19, 2026, just over a month before the shareholders' meeting called to vote on the new board of directors. Both shareholders declined to comment.
The context is delicate: the Italian government has been evaluating all the options for months options to limit Sinochem's influence, the main shareholder with 34,1% of the capital, while Camfin holds 25,3% and aims to increase to 29,9%. At Piazza Affari, the title drops 0,84% to 6,36 euros per share, but records an increase of 11% compared to 12 months ago.
Pirelli: The Sinochem-Camfin pact and governance tensions
Over the years, the shareholders' agreement has represented a shared management tool between Camfin, the entrepreneur's vehicle Marco Tronchetti Provera, and Sinochem, a Chinese state-owned subsidiary and majority shareholder. Despite the binding agreement, the relationships between the two parties have often been characterized by tensions, especially in relation to the governance and international expansion strategies of Pirelli, particularly in United States, where Washington has tightened the restrizioni on the use of Chinese technology in the automotive sector. The Minister of Industry, Adolfo Urso, expressed similar concerns, highlighting potential obstacles to the group's growth due to the presence of a dominant Chinese shareholder.
The golden power to protect Pirelli
The Italian government had already intervened in 2023 by applying the law on “Golden Power”, a tool created to protect national strategic assets. Under the rules established by the government, Camfin has the right to appoint the CEO and make strategic decisions, while Sinochem must refrain from any managerial influence on the company. Furthermore, both parties are required to notify the government of any changes to their shareholders' agreement, including the decision not to renew it. With the pact set to expire in May, Rome is ready to launch a new examination of the golden power, but the scenario has been enriched with the recent changes introduced by Transition Decree 5.0, recently approved. The decree expands the scope of intervention, now including economic and financial security, and introduces pre-emption mechanisms for the ECB and the European Commission for transactions involving strategic entities, thus ensuring compliance with EU directives.
Sinochem's future in Pirelli: a reduced stake or a full sale?
Among the scenarios under consideration are: options different: from a transformation of Sinochem into a passive shareholder, with reduction of the quota at 10% or the total transfer of participation. Last year Sinochem commissioned BNP Paribas as an advisor for a possible sale, as reported by Reuters. Although it had been speculated at the beginning of January that the government might freeze Sinochem's voting rightsRome is still working to promote an amicable agreement between the parties, avoiding conflicts and ensuring stability in the group's governance.
