Pirelli rises on reports of 'blind trust' solution in spat with Sinochem

Pirelli & C.

29/01/2026 10:05

** Shares in Italy's Pirelli PIRC.MI rise around 5% after reports of a potential resolution in the tyremaker's spat with Chinese shareholder Sinochem 600500.SS

** According to a report by Italian daily Il Messaggero, Rome appears to be backing Sinochem's proposal to transfer its 34.1% stake in Pirelli in a "blind trust" managed by an independent fiduciary

** U.S. authorities have been consulted and would have no objection to the solution, the report adds

** "If the green light from the U.S. regulatory authorities will be confirmed, this solution could allow Sinochem to retain ownership of Pirelli's stake while allowing the company to fully

operate in the U.S.," notes Banca Akros

** However, broker Equita suggests the "blind trust solution" would not entirely remove the risk of the Chinese investor placing its stake; adds "it makes no sense for Sinochem to remain a purely financial shareholder"

** Pirelli has until mid-March to solve its governance issues with Sinochem, amid its ambition to expand in the U.S. and upcoming rules from Washington that will restrict the use of Chinese technology in vehicles sold in the country

** Camfin, the firm's second-largest investor, will not renew its shareholder pact with Sinochem, which expires in May

** Pirelli and Camfin did not comment on Il Messagero's initial report

 (Reporting by Enrico Sciacovelli)

 ((enrico.sciacovelli@thomsonreuters.com))