Pirelli, Italian government closes Golden Power probe into CNRC

Pirelli SpA announced on Monday that Marco Polo International Italy Srl, acting also on behalf of China National Tire and Rubber Corp. (CNRC), had transmitted to the company a copy of the decree issued on September 26.

With this decree, the Presidency of the Council of Ministers decided to close the administrative procedure launched on October 31, 2024, regarding the possible violation by CNRC of the prescriptions outlined in the June 16, 2023 decree.

That original decree had exercised Italy’s special “Golden Power” rules, imposing specific conditions to safeguard national interests. The administrative procedure reviewed CNRC’s conduct between the issuance of the decree in June 2023 and the start of the sanctioning process in October 2024. The procedure has now been formally archived.

The Presidency concluded that the alleged breach concerning the obligation to ensure the absence of organizational or functional links between Pirelli and CNRC was not supported by the evidence collected.

It found that the actions of the non-independent board members designated by CNRC during the period under review did not amount to decisions capable of undermining Pirelli’s management autonomy.