Administrative Procedure Launched for the Possible Breach by CNRC of the Measures Contained in the Golden Power Legislation

Pirelli announces that today Marco Polo International Italy S.r.l. (“MPI”), also on behalf of China National Tire and Rubber Corp. (“CNRC”), transmitted to Pirelli a copy of the provision of 31 October 2024 notified to CNRC by the Prime Minister’s Office that determined the launch of an administrative procedure for the possible breach by CNRC of the measures contained in the Prime Minister’s Office decree of 16 June 2023 with which the special powers were implemented through the imposition of specific restrictions, in accordance with article 2 of the legislative decree of 15 March 2012 no.21 (“DPCM Golden Power”).  

In particular, the procedure regards the potential breach of measures to guarantee the absence of organizational-functional links between Pirelli on the one hand and CNRC on the other.

The provision sets a period of 120 days for the conclusion of the administrative procedure beginning from the day of the notification of the provision.

CNRC communicated to Pirelli that it maintains to have always respected the measures of the DPCM Golden Power and is confident that it will clarify its position during the procedure.

MPI also invited Pirelli to manage the communication of this information to the market in compliance with the requirements of law.