China’s Sinochem Holdings Corp, the biggest investor in Pirelli & C SpA, on Thursday denied a report that it planned to sell its 37% stake in the Italian tyremaker.
Bloomberg had reported on Wednesday that the Chinese state-owned oil-to-chemicals group was in the early stages of reviewing its holding in Pirelli, adding that Sinochem may pursue a full or partial sale of the stake or opt to divest overtime on the market.
“The report saying Sinochem weighs sale of its stake in Pirelli is not true. Sinochem does not have any plan to sell its stake in Pirelli,” the company said in a statement.
The statement was issued by Marco Polo International Italy, the vehicle through which the stake is held.
Source: Reuters.com