Czech business leaders Michal Strnad and Pavel Tykac are interested in buying part of the stake held by China’s Sinochem in Italian tyremaker Pirelli, Italian daily Corriere della Sera reported on Friday.
The two investors have expressed interest in buying between 10% and 20% of Pirelli’s share capital from Sinochem, the newspaper reported, citing sources.
Beijing-controlled Sinochem is Pirelli’s largest shareholder with a 34.1% stake. Italian investor Camfin, the investment vehicle of longstanding Pirelli executive Marco Tronchetti Provera, owns just under 27%.
Talks are at an early stage and differences over valuation remain a key hurdle between the two entrepreneurs and the Chinese group, the report added.
Czech billionaire Tykac owns Sev.en GI, which holds assets in the United States, Europe and Australia, mainly in mining, power production, coal mining and steel production.
Strnad is an investor in ammunition and arms producer CSG.
Rome earlier this year imposed curbs on Sinochem, using so-called “golden powers” aimed at protecting companies considered of strategic importance amid a governance dispute at the company.
Pirelli and Camfin say Sinochem’s ownership position complicates Pirelli’s expansion plans in the United States, as Washington tightens restrictions on Chinese technology in the automotive sector.
Pirelli declined to comment.
It was not possible to obtain an immediate comment from Sinochem, Se.ven GI or CSG.
Reuters
