MILAN—Major Pirelli & C. S.p.A. shareholder Sinochem Corp. has rejected rumors surrounding its intentions to sell its stake in the Italian tire maker.
Marco Polo International Italy S.R.L., owned 65 percent by the China National Tire & Rubber Corp., a fully-owned subsidiary of Sinochem, issued a press release Feb. 16 denying a report about the Chinese group's "weighing the sale of its stake in Pirelli."
"Sinochem does not have any plan to sell its stake in Pirelli," it said.
As of May 2022, Pirelli's key stakeholders are Marco Polo International (37.01 percent), Camfin S.p.A. (14.10 percent), Silk Road Fund (9.02 pefcent), LongMarch (3.68 percent) and Brembo S.p.A. (5.20 percent).
The rest of the shares are owned by retail and institutional investors.
In addition to Pirelli, Marco Polo International holds a 52-percent stake in Milan-based Prometeon Tyre Group, which manufactures truck and bus tires and was previously Pirelli's commercial tire business.
