Italy has used its “golden power” rules to block a Chinese state-owned company from taking control of Pirelli, a leading global tyre maker.
The Italian government has said that it is taking this step to protect Pirelli’s independence and strategic assets. Pirelli is a 151-year-old company that employs thousands of people in Italy. It has developed some of the world’s most advanced tyre technology.
The Chinese government has not commented on the Italian government’s decision. However, it is likely to be seen as a setback for China’s efforts to expand its global economic reach
