Investing.com -- Pirelli, the Italian tyre manufacturer, announced on Monday that its largest investor, Sinochem, a state-owned company from China, no longer exercises control over the company. This update was provided by the Pirelli board, which confirmed the change in governance.

Sinochem has held a significant stake in Pirelli but will no longer have the same influence over the company’s operations. The board’s decision marks a shift in the power balance within the company, changing the dynamics of its governance.

The shareholders of Pirelli will continue to discuss governance arrangements, the company said. This suggests ongoing conversations about the company’s management structure and operational control. The board’s statement did not specify the reasons for the change in Sinochem’s status, nor did it detail the potential impact on the company’s future direction.

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