Pirelli’s Board Rejects Cyber Tyre Unit Spin-Off Plan (2)

Pirelli & C. SpA’s board rejected a proposal by its largest shareholder to spin off its Cyber Tyre activities at a directors’ meeting on Thursday, according to a statement confirming an earlier Bloomberg News report.

Chief Executive Officer Andrea Casaluci told the board the plan would undermine the group’s integrated model, restrict access to key patents and weaken technological development, eroding its competitive edge. A majority of directors voted in favor of Casaluci’s assessment, while those appointed by China’s Sinochem Group voted against.

The decision underscores the hardening rift between Pirelli’s Italian management and Sinochem, which owns a 34% ...