MPI strongly opposed to Pirelli board move

Marco Polo International Italy (MPI), a subsidiary of China's Sinochem Holdings Corp Ltd, issued a statement expressing its deep disappointment and strong opposition regarding an assessment by Italian tire maker Pirelli's board of directors concerning the company's control structure.

Pirelli's board announced on Monday that it no longer has a controlling shareholder. MPI, however, contends that under Italy's "Golden Power" regulations, its position as a controlling shareholder remains intact, citing the absence of any legal provision that would alter its rights.

Discussions around Pirelli's governance have gained renewed attention in the Italian media.