Chinese, Italian companies renew shareholder agreement

Five Chinese and Italian companies have reached an agreement for the renewal of the shareholder agreement that was signed on July 28, 2017, ahead of the listing of Italian tire maker Pirelli & C. S.p.A.

The formal signing took place on August 1, 2019, and included China National Chemical Corp (ChemChina), Silk Road Fund Co Ltd and Camfin S.p.A. (Camfin).

The participating parties evaluated the opportunity to renew the shareholder agreement with the aim of reaffirming the stability of the partnership between different shareholders.

The agreement would be effective from the date of the Pirelli shareholders' meeting to approve the results for the year ending December 31, 2019; and for a further three years from that date and therefore until the spring of 2023.

Involved parties also confirmed the role of stable shareholders in Pirelli of ChemChina, Camfin and Marco Tronchetti Provera & C. S.p.A., with the latter maintaining the stake currently held in the company above 10 percent of Pirelli for the duration of the renewal.

In the agreement, parties also confirmed the central value of Marco Tronchetti Provera in the roles of executive vice-chairman and CEO of Pirelli. The designation and subsequent activation of the succession procedure must be completed by October 2022.