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News and awards

Clifford Chance advises China National Tire & Rubber Corporation, Ltd, a subsidiary of Sinochem, on Italian FDI filing of the renewal shareholders' agreement concerning the governance of Pirelli & C. S.p.A.

4 July 2023

Clifford Chance advises China National Tire & Rubber Corporation, Ltd, a subsidiary of Sinochem, on Italian FDI filing of the renewal shareholders' agreement concerning the governance of Pirelli & C. S.p.A.

Leading international law firm Clifford Chance has advised China National Tire & Rubber Corporation Ltd (CNRC), a subsidiary of Sinochem, on the Italian foreign investment filing triggered by the renewal of the shareholders' agreement concerning the governance of Pirelli & C. S.p.A., executed with the second major shareholder Camfin S.p.A. and its controlling entity Marco Tronchetti Provera & C. S.p.A. The transaction takes into account the provisions of Italy's Golden Power DPCM regime.

The agreement, which preserves the Italian character of the brand and reaffirms the trust of the controlling entity to the company's top management, was authorised with the sole imposition of governance-related prescriptions mainly mirroring the commitments submitted by CNRC in the course of the proceedings.

Rome partner Luciano Di Via said, "It is a great success for the Firm, as the decision balances the European government's interest in defending strategic companies with the interest of our clients in continuing to be able to invest in Europe."

Luciano and Beijing partner Yong Bai led the Clifford Chance teams in Italy and Mainland China, which includes associate Maria Bazzini, and trainees Eleonora Zappalorto, Alessandra Oliva, Sun Xiaohan and Ziwen Wang.

Yong added, "We are honoured to advise Sinochem and CNRC on this transaction, which highlights the ability of our Global Antitrust Practice to collaborate seamlessly cross-border as one team."

The notification process also involved lawyers from the firm's global network, as well as local counsel from multiple jurisdictions, including:

  • Partner Dimitri Slobodenjuk and senior associate Julius Schradin in Düsseldorf;
  • Partner Axel Reidlinger and associate Alexander Reiter from Reidlinger Schatzmann Rechtsanwälte GmbH in Vienna.

高伟绅为中国化工橡胶有限公司就倍耐力公司的治理而续签股东协议事宜提供意大利外商投资申报相关法律服务

高伟绅为中化下属公司中国化工橡胶有限公司(“橡胶公司”)与Pirelli & C. S.p.A.(“倍耐力公司”)的第二大股东Camfin S.p.A.及其控股实体Marco Tronchetti Provera & C. S.p.A.就倍耐力公司的治理而签署的经续签股东协议(“经续签股东协议”)提供意大利外商投资申报相关的法律服务。本项目涉及意大利黄金权力申报制度的相关规定。

经续签股东协议既延续了倍耐力品牌的意大利特色,还重申了中方控股股东对倍耐力公司管理层的信任。意大利黄金权力审查机构批准了经续签股东协议,同时附加了涉及公司治理方面的条件,该条件主要反映了橡胶公司在黄金权力申报过程中主动提交的承诺。

高伟绅罗马办公室合伙人Luciano Di Via律师表示:该协议的批准决定同时平衡了欧洲政府保护战略性公司的立场和我们客户持续在欧洲进行投资的战略利益,这无疑标志着高伟绅助力客户实现了巨大成功。

北京办公室合伙人柏勇和Luciano牵头负责本项目,团队成员包括律师Maria Bazzini、Eleonora Zappalorto、Alessandra Oliva、孙笑涵和王资文。

柏勇律师表示:我们非常荣幸能够在本项目中为橡胶公司提供法律服务。这也反映了高伟绅全球反垄断业务组在跨境交易中的一体化、无缝合作能力。

  • 本次申报还涉及高伟绅其他海外办公室的团队以及境外司法辖区的当地律师,其中包括:
    杜塞尔多夫办公室合伙人Dimitri Slobodenjuk和高级律师Julius Schradin;
  • 维也纳Reidlinger Schatzmann Rechtsanwälte GmbH律师事务所合伙人Axel Reidlinger和律师Alexander Reiter