Chinese investors appeal Italy ruling on Pirelli board
Chinese investors are appealing an Italian decree limiting their board seats at Pirelli. The action seeks to annul measures set under strategic investment laws.
Pirelli said on Monday that China National Tire & Rubber Corporation (CNRC) and its unit filed separate legal appeals against an Italian government decree. The administrative challenge seeks to annul "golden power" restrictions that reduced CNRC's board seats from eight to three to protect strategic technology. This legal confrontation marks a significant test of Italy's power to limit the influence of Chinese state-owned investors in domestic industry.
### Sinochem Challenges Board Restrictions CNRC and its Milan-based unit Marco Polo International filed separate appeals to an Italian regional administrative court against the investment conditions. The filings seek to overturn measures issued in April that slashed the board representation of Sinochem, CNRC's parent company, to three members. Italy invoked its golden power legislation to protect what it deems a strategic national asset.
