Bloomberg reported that the board of directors of Italian tire company Pirelli is trying to pressure its largest investor, Chinese company Sinochem, to reduce its stake. The move is motivated by fears that the Trump administration's strict stance on Beijing's holding of American assets could hinder Pirelli's expansion in the United States.
The agency added that the board, which met yesterday, will ask Sinochem to reduce its current 37% stake to a level below that of Italian shareholder Camfin, which holds 26%.
Among the options proposed by Pirelli to reduce this stake is the company's repurchase of its own shares, with immediate resale of a portion of these on the market.
