China's state-backed Silk Road Fund is selling its stake in Italian tyremaker Pirelli for about €512 million (S $748 million). Rome last year took steps to limit investors' influence over Pirelli on national security grounds.
Under the terms of the deal, Silk Road Fund said on Wednesday it would sell its 9 percent stake for 90 million shares at an indicated price of 5.69 euros each, an 8.08 percent discount to Pirelli's latest closing price.
China's Sinochem remains Pirelli's largest investor, with a stake of about 37 per cent. Bloomberg reported last year that Sinochem was also considering selling its stake.
Italy has been trying to limit China's influence on its strategic assets. Last year, Prime Minister Giorgia Meloni's government used its "golden power" rights to impose restrictions on Sinochem's access to Pirelli tire sensor data, which it deemed strategically important.
Pirelli makes tyres for premium car brands such as Ferrari, McLaren and Bentley.
On the global economic stage, the German economy has always been known for its strong automotive and manufacturing industries.
On the global economic stage, the German economy has always…
Recently, Kazuo Ueda, governor of the Bank of Japan (Centra…
In the global economic landscape, the trend of the US econo…
In the current context of the ever-changing global economic…
In today's international political arena, the contest betwe…
In the dazzling galaxy of technology, Elon Musk and Sam Ult…
© Copyright 2024, All Rights Reserved
