Italy to Limit Number of Sinochem Directors on Pirelli Board

The Italian government has taken steps to limit the number of directors that China’s Sinochem Group can appoint to the board of Pirelli & C SpA as it seeks to protect the tiremaker’s access to the US market, according to people familiar with the matter.

The measures, approved this week, are an application of the so-called Golden Power rules that enable Italy to protect assets it deems to be strategic.