21 Feb 2023
Sinochem-owned Marco Polo International Italy holds over 37% of Pirelli shares
Milan, Italy – Major Pirelli shareholder Sinochem has rejected rumours surrounding its intentions to sell its stake in the Italian tire maker.
Marco Polo International Italy srl, owned 65% by the China National Tire & Rubber Corp, a fully-owned subsidiary of Sinochem, issued a press release 16 Feb 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 added.
As of May 2022, Pirelli’s key stakeholders are Marco Polo International (37.01%), Camfin SpA (14.10%), Silk Road Fund (9.02%), LongMarch (3.68%) and Brembo SpA (5.20%).
The rest of the shares are owned by retail and institutional investors.
In addition to Pirelli, Marco Polo International hold a 52% stake in Milan-based Prometeon Tyre Group, which manufactures truck & bus tires and was previously Pirelli's commercial tire business.
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