Mediation seems difficult, if not impossible. Although the contents of the hearing of Marco Tronchetti Provera, as representative of Camfin (14 per cent shareholder of Pirelli), to the government committee for golden power are officially top secret, there is no shortage of well-informed rumors on the content of the statements by the president of Bicocca.
Pirelli: the reasons for the alarm raised by Tronchetti Provera
In particular, Tronchetti Provera, who in 2015 managed the landing of ChemChina with 37% of the capital of the tire group, informed the government of abrupt change in relations with the Chinese group: almost silent partner in the first seven years of presence in the shareholding structure in which he shared all the choices of the Italian management (there are no reports of votes against in the board of directors), shareholder much more invasive in recent months, to the point of questioning the key points of the alliance: the shareholder, in particular, asked to have a say on the strategic choices in the light of the indications arriving from Beijing, as well as on the technological assets of Bicocca, for now protected by the clause of the agreement which provides that the headquarters of the group and R&D activities remain in Italy unless otherwise agreed for 90 percent of the capital. In this regard, an unacceptable request has arrived from Beijing: to pool computer systems to allow for the simultaneous sharing of information.
Pirelli and Sinochem: the pact and risks for Italy
The guarantees available to us, Tronchetti said, at this point are put to the test by the pressing of the partner, which merged into the chemical giant Sinochem, one of the most powerful groups and most sensitive to the choices of the Party, the real engine of the Cimese economy. After a long negotiation, a new statute was developed, presented by ChemChina to the Italian government, which provides for an additional adviser for the Chinese partner. Not only. The agreement stipulates that in two years the leadership of the company passes to an Asian manager, moreover called to administer according to the principles of Xi thought. There is enough, warns Tronchetti, for sound the alarm on the danger that Italy would lose control of the multinational tire company. Barring a clear and vigorous intervention by the Italian government. It is no longer the time, as in 2015/16, to open the door to Beijing's investments in the name of globalization (not only Pirelli, but also a stake in Cdp Reti, Ansaldo Energia and a stake in Fiat Chrysler) nor the cautious reverse of the Draghi government, which on several occasions has exercised golden power to stop sensitive acquisitions, albeit small ones. If anything, it is a matter of putting the word, with due prudence end of accession to the Silk Road treaty signed by the first Conte government, an act of extraordinary political value with little industrial impact.
Pirelli-Sinochem: difficult compromise to avoid breakup
But the choice to put Sinochem out could be judged on the same level as a act of war against the second industrial power of the planet. Hence the search, which continues today, for softer solutions, from the limitation of the right to vote on sensitive matters to the maintenance of industrial secrets. According to what filtered by Tronchetti Provera's hearing, however, the manager does not seem to have too much faith in a compromiseat least as things stand. A line of firmness supported by the existence of a plan B seems necessary.axis between Camfin and Brembo who have pooled their shares in Bicocca, the first nucleus of a possible Italian automotive group. But to buy other shares, Sinochem must agree to sell at least a part of its stake, limiting ambitions and projects for Bicocca.
All the options on the table of the Golden Power Committee
The golden power committee is dealing with all this, examining all the options available, including the sterilization of the right to vote for strategic decisions. This like any other solution that provides a difficult cohabitation between the two souls of the group, continues to weigh on the fate of the group in Piazza Affari -1% on the fifth day of decline. The presence of Sinochem, which aspires to a leading role in the sector on a global level, risks damaging Pirelli's US sales. But on the other hand, a rift with the Chinese partner risks jeopardizing its presence in a market, the Chinese one, which promises to be the most dynamic for tyres.
