Dispute over control of Pirelli rumbles on

Milan, Italy – Pirelli has reported continuing differences between its main shareholders Sinochem investment vehicle Marco Polo International (MPI) and Camfin SpA, over the control of the Italian tire manufacturing group.

Through MPI, Sinochem holds a majority share of 37% in Pirelli, while Camfin, led by Italian businessman and former Pirelli CEO Marco Tronchetti Provera, holds a 26.4% stake in the tire company.

The remaining shares in Pirelli are held by institutional investors and retail shareholders, according to information on the group's website.

In April, the Pirelli board voted to end MPI’s control over the Italian tire maker, citing an Italian government decree’ that the Milan-based group was “not subject to control of any entity.”  (ERJ report)

But in a statement issued 17 June, Pirelli said an “updated extract, contrary to that which was indicated in the previous extract published on 27 May, acknowledges the absence, in the view of Camfin, of a subject able to exercise control over Pirelli & C. SpA.”

It also noted that Pirelli’s ordinary shareholders’ meeting of 12 June had approved the financial results to 31 Dec 2024: with around 57.1% of the capital present voting in favour and 42.9%, corresponding to the stake of MPI Italy, voting against.

MPI has previously expressed “deep disappointment and firm opposition" to the decision of the Pirelli board: arguing that the Rome government decree did not include any provision that deprived it of control over Pirelli.