Pirelli is having difficulties investing in the United States because its largest shareholder is China’s state-owned Sinochem, the Italian tyremaker’s executive vice chairman Marco Tronchetti Provera said in a newspaper interview on Tuesday. Pirelli’s Chinese and Italian shareholders are at odds over the group’s governance as Washington cracks down on Chinese technology in the automotive industry, banning key software and hardware from Chinese-controlled companies. Tronchetti Provera told Italian daily la Repubblica that Sinochem’s 37% stake had proved a hurdle when Pirelli had negotiated with local authorities over doing business in the states of Alabama and Virginia.Read More
