Sinochem Cuts Pirelli Stake as Michal Strnad Becomes Major Shareholder

Italian premium tyre manufacturer Pirelli has announced a significant change in its shareholder structure after Chinese state-owned group Sinochem agreed to sell a 14% stake to Czech entrepreneur Michal Strnad. Following the transaction, Sinochem's holding will decrease from 34.1% to 20.1%, while Strnad's investment vehicle, Lumina Crown, becomes Pirelli's third-largest shareholder.

The transaction, valued at approximately €987 million, marks one of the most important ownership changes at Pirelli in recent years. It also strengthens the position of Italian investment company Camfin, controlled by Executive Chairman Marco Tronchetti Provera, which now becomes Pirelli's largest shareholder with a stake of around 26%.

The deal follows several years of governance disputes involving Sinochem's influence over the Italian tyre manufacturer. In 2023, the Italian government exercised its Golden Power regulations to limit the governance rights of the Chinese state-owned investor, citing the strategic importance of the company.

Those restrictions reduced Sinochem's voting powers and prevented it from appointing key management positions despite remaining the largest shareholder.

The ownership issue also attracted international attention because of growing geopolitical tensions and stricter regulations affecting connected vehicle technologies. Analysts have argued that reducing Chinese ownership could improve Pirelli's strategic flexibility, particularly in the United States, where increasing scrutiny of Chinese involvement in automotive technology has become a significant consideration for manufacturers operating in the market.

Michal Strnad described the investment as a long-term strategic commitment. Best known as the owner of the Czechoslovak Group (CSG), the Czech industrial entrepreneur has significantly expanded his international manufacturing portfolio in recent years. His investment in Pirelli is viewed as another step in broadening that industrial footprint while supporting one of the world's leading premium tyre manufacturers.

Although Sinochem remains Pirelli's second-largest shareholder with just over 20% of the company, the transaction is expected to simplify the group's corporate governance and reduce uncertainty surrounding future strategic decisions. Market observers believe the revised shareholder structure could strengthen investor confidence and provide Pirelli with greater flexibility as it continues to invest in premium products, sustainable mobility solutions, and advanced tyre technologies.

The transaction represents a new chapter for Pirelli, balancing stronger European ownership with continued international investment while positioning the company for future global growth.

Source: Official joint announcement by Sinochem and Lumina Crown (July 30, 2026), confirmed by Reuters.