By Dominic Chopping
--Pirelli's board is pushing China's Sinochem, its biggest investor, to reduce its holding over concerns that the Trump administration's stance on Beijing ownership of American assets will hamper the Italian tiremaker's U.S. expansion, the Financial Times reports, citing unnamed sources.
--At a board meeting Wednesday, Pirelli's management will request that the Chinese investor instantly cut its 37% stake to less than Italian shareholder Camfin's 26.4% holding, the FT says.
--The tiremaker has encountered resistance in recent discussions in the U.S. about its plans for expansion, which it believes stems from the fact its largest shareholder is a Chinese state-owned company, according to the FT.
--Pirelli declined to comment and Sinochem couldn't immediately be reached for comment, according to the FT.
Full story: https://tinyurl.com/3anjr8zf
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
March 26, 2025 03:00 ET (07:00 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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