Italy has approved measures to limit the shareholder rights of the Chinese chemical group Sinochem in Pirelli, the Milan-listed tyremaker and set out a wider range of sectors that the government judges to be of national security importance.
The decision is a rare intervention in an eight-year-old Chinese investment that had, so far, not been considered a strategic national asset. In 2015, a previous Chinese state-owned chemicals group had bought a majority stake in Pirelli, considered a crown jewel of Italian industry, for $7.7bn.
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