Gov. Maloney is considering plans to limit Chinese investors’ stakes in key companies to avoid potential tensions with the United States.
As Bloomberg quoted people familiar with the matter as saying, Italy’s efforts would involve firms deemed strategic, both private and state-owned.
Tyre maker Pirelli & C. SpA, where Chinese state-owned Sinochem International Corp. has a 37 per cent stake, is one of the most visible examples of Maloney’s government strategy, the sources said.
Journalists have previously reported that the supplier of Pirelli tyres to Formula One teams has been the target of potential sales restrictions in the U.S. because of its Chinese ownership and has sought to limit the investor’s role in management. Although Sinochem has said its stake in the tyre maker is a long-term investment, Rome is evaluating options that could force the Asian investor to sell the stake, the sources said.
The sources said the Italian government also wants to squeeze Chinese investors out of CDP Reti SpA, a firm that holds controlling stakes in Italian power grids, a 35 per cent owned unit of State Grid Corporation of China, which has two board members who can influence decision-making.
Another case in point is Ansaldo Energia SpA, one of the world’s largest power plant manufacturers. Even though Shanghai Electric has already cut its stake from 40 per cent to 0.5 per cent, China’s presence still blocks its participation in some tenders and bids for electricity in the United States, said a person familiar with the matter.
There are about 700 Italian companies with Chinese investors, but the government’s focus is mainly on large enterprises in strategic sectors such as energy, transport, technology and finance.
The Italian government, Pirelli, CDP Reti and Ansaldo Energia declined to comment, as did a spokesman for Sinochem of Italy.
A Chinese Foreign Ministry spokesman said investment co-operation between China and Italy is mutually beneficial and should not be an obstacle for a third party.
Italy, which enthusiastically welcomed Chinese investors after the 2008 financial crisis, is now trying to mitigate risks associated with China by trying to protect critical sectors as well as staying on the right side of US President Donald Trump.