Investing.com -- Pirelli & C (BIT:PIRC). SpA, the Italian tiremaker, is contemplating encouraging its main investor, Sinochem, to decrease its ownership in the company. This move comes as the board of directors seeks to separate the company from its Chinese connections, according to Bloomberg.
The board of Pirelli plans to convene on Wednesday to deliberate over the 37% shareholding of Chinese conglomerate Sinochem. This meeting is in response to a request from Italian regulators, according to Bloomberg News, citing individuals with knowledge of the situation, who wished to remain anonymous due to the private nature of the matter.
In addition to this, Pirelli is also aiming to expand its footprint in the US. This ambition comes at a time when the US is on the verge of banning the import or sale of connected vehicles containing specific hardware or software associated with China. This policy was finalized by the Biden administration shortly before they handed over the White House to Donald Trump, who has escalated trade tensions with Beijing.
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