business / news / / Nikkei Asia
Italy has imposed several curbs on China's Sinochem to try to resolve a governance spat.
Italy imposed curbs on Sinochem's Pirelli stake, requiring it to drop below 9.99%.
KEY POINTS
- Sinochem can nominate only three board members, two of whom must be independent.
- Sinochem board members are barred from holding chairman or CEO roles at Pirelli.
- Pirelli is no longer required to share sensitive information with Sinochem.
- Sinochem must notify Italy of any share transfer, which cannot go to Chinese state-affiliated entities.
COMPANIES
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