Leading international law firm Clifford Chance has advised China National Tire & Rubber Corporation Ltd (CNRC), a subsidiary of Sinochem, on the Italian foreign investment filing triggered by the renewal of the shareholders’ agreement concerning the governance of Pirelli & C. S.p.A., executed with the second major shareholder Camfin S.p.A. and its controlling entity Marco Tronchetti Provera & C. S.p.A. The transaction takes into account the provisions of Italy’s Golden Power DPCM regime.

The agreement, which preserves the Italian character of the brand and reaffirms the trust of the controlling entity to the company’s top management, was authorised with the sole imposition of governance-related prescriptions mainly mirroring the commitments submitted by CNRC in the course of the proceedings.

Rome partner Luciano Di Via said, “It is a great success for the Firm, as the decision balances the European government’s interest in defending strategic companies with the interest of our clients in continuing to be able to invest in Europe.”

Luciano and Beijing partner Yong Bai led the Clifford Chance teams in Italy and Mainland China, which includes associate Maria Bazzini, and trainees Eleonora Zappalorto, Alessandra Oliva, Sun Xiaohan and Ziwen Wang.

Yong added, “We are honoured to advise Sinochem and CNRC on this transaction, which highlights the ability of our Global Antitrust Practice to collaborate seamlessly cross-border as one team.”

The notification process also involved lawyers from the firm’s global network, as well as local counsel from multiple jurisdictions, including:

• Partner Dimitri Slobodenjuk and senior associate Julius Schradin in Düsseldorf;

• Partner Axel Reidlinger and associate Alexander Reiter from Reidlinger Schatzmann Rechtsanwälte GmbH in Vienna.