Pirelli Further Delays Board Renewal as Italy Studies China Deal

Pirelli SpA postponed the nomination of a new board of directors to end-July, as it waited for the Italian government to end its scrutiny of a shareholder pact with the tiremaker’s largest shareholder, the Chinese conglomerate Sinochem.

No investors presented a list for the board’s renewal at a June meeting, Pirelli said in a statement.

Pirelli’s Chief Executive Officer Marco Tronchetti Provera took part in a hearing Tuesday in Rome at the so-called “golden power” committee which is evaluating how to limit China’s Sinochem in Pirelli, according to people familiar with the discussions. Legislation allows the government to intervene …