Pirelli: Investors CNRC/Marco Polo appeal ‘golden power’ decree

Milan, Italy – Pirelli's largest shareholder, China National Tire & Rubber Corp. (CNRC) and its investment vehicle Marco Polo International Italy are seeking the annulment of an Italian government 'golden power' decree imposing restrictions on their stake in the tire maker.

The two companies served separate notices of appeal to the regional administrative court of Lazio against the prime minister's office, the ministry for enterprise and made in Italy and other ministries, Pirelli announced 8 June.

The appeals concern a 10 April decree issued under Italy's 'golden power' framework, which imposed "conditions and measures" on Marco Polo and CNRC in relation to their shareholding in Pirelli.

At the time, the Italian government said Pirelli was a company of "strategic importance", citing in particular its ‘cyber tire’ technology, which it said "transforms the tire into a sensor capable of collecting sensitive information."

The decree further stated that cyber tire has become "an enabling technology for different cutting-edge usages", including "monitoring of critical infrastructure", digital twin applications and autonomous driving.

Under the measures, Marco Polo saw its influence over Pirelli's governance restricted for as long as it holds a stake of more than 9.99% in the company.

The decree also limits Marco Polo's board representation. At shareholder meetings, it can present a slate with a maximum of three candidates, two of whom must be independent.

In its latest statement, Pirelli said the appeals "will not affect the regular conduct of the shareholders' meeting scheduled for 25 June 2026", which is due to address, among other matters, the renewal of the board of directors.

The meeting will proceed "on the basis of the slates presented by shareholders in respect of the golden power DPCM, as already communicated to the market," the company said.

Pirelli added that it "reserves the right to intervene" in the proceedings "to defend its legal and economic position in the interests of the company and its shareholders" and, if necessary, before "all the relevant jurisdictional authorities."