Chinese state-owned Sinochem has reduced its stake in Italian tiremaker Pirelli to 20.1% after selling a 14% holding to Czech industrial group Strnad, a deal that restores Camfin as the company’s largest shareholder.
Why it matters: The transaction reduces the weight of the Chinese state-owned investor in a strategic Italian company.
- It strengthens the position of European shareholders in Pirelli’s governance.
- The move comes as Italy has taken a tougher approach to Chinese investments in sensitive sectors.
The big picture: Czech businessman Michal Strnad acquired the 14% stake through Lumina Crown for about €987 million, becoming Pirelli’s third-largest shareholder.
- Following the transaction, Camfin, the investment vehicle of Marco Tronchetti Provera, again becomes the largest shareholder with 26.5%, while Sinochem’s holding falls from 34.1% to 20.1%.
Between the lines: Despite the sale, Sinochem remains above the 10% threshold that, according to the report, keeps it subject to the Italian government’s golden power provisions governing Pirelli.
The bottom line: The deal marks another step toward a more European shareholder structure at Pirelli while leaving the Chinese group as an important—but less influential—investor.
