Chinese state-owned Sinochem has sold a 14% stake in Pirelli to Lumina Crown, an investment vehicle controlled by Czech businessman Michal Strnad, cutting its holding from 34.1% to 20.1%.
The shares were held through Marco Polo International Italy, a wholly owned subsidiary of China National Tire & Rubber Corporation (CNRC), which is Sinochem's tyre business.
According to media reports, the deal involved 151.88 million Pirelli shares, priced at €6.50 each, bringing the total transaction value to roughly €987m ($1.13bn),
The sale leaves Sinochem as Pirelli's second-largest shareholder and Lumina Crown now ranks as the third-largest shareholder.
Strnad also controls Czech defence group CSG NV.
The top position in Pirelli remains with Marco Polo Industrial Holding, part of the MTP-Camfin consortium, which holds a 26.2% stake.
China National Chemical Corporation (ChemChina), together with the Silk Road Fund, had taken a controlling stake in Pirelli back in 2015 via a tender offer.
At the time, the deal was valued at €7.1bn.
The latest sale represents a step in efforts to curb Sinochem’s influence over Pirelli, an issue that has gained importance as the company develops its connected-tyre technology.
In June 2023, Rome prevented Sinochem – then Pirelli's largest shareholder – from assuming control of the country's leading tyre producer.
Then in April this year, Italy limited the number of Sinochem directors that are permitted on Pirelli’s board using its golden power rules, citing the need to protect the tyre maker’s access to the US market.
The limits are set to apply for as long as Sinochem holds more than 9.99% of Pirelli’s shares.
The stake sale comes as Pirelli reported resilient first-half 2026 results despite market volatility and geopolitical tensions.
Revenue was broadly stable at €3.49bn, while net profit rose 13.3% to €299m and adjusted EBIT margin held at 16%.
The company said its high value segment continued to strengthen, accounting for 82% of sales, supported by premium car and motorcycle tyre demand, new homologations and growth in electric vehicle-related business.
