ANNOUNCEMENT ON OBTAINING THE APPROVAL OF THE JOINT RESTRUCTURING OF SINOCHEM GROUP AND CHEMCHINA
On 31st March 2021, Pirelli & C. S.p.A. (the “Company”) received a notification letter from China National Chemical Corporation Ltd. (“ChemChina”), stating that ChemChina had received a Notice regarding restructuring (the “Restructuring Notice”) of ChemChina and Sinochem Group Co., Ltd., (“Sinochem Group”) from State-owned Assets Supervision and Administration Commission of the State Council (“SASAC”). Pursuant to the Restructuring Notice, the State Council approved the joint restructuring of Sinochem Group and ChemChina, whereby a new holding company will be set up by SASAC who will perform the duties of the contributor on behalf of the State Council, and Sinochem Group and ChemChina will be consolidated into the new holding company. Upon completion of the joint restructuring, ChemChina will remain Pirelli’s first largest shareholder.
This announcement is made in order to ensure timely and fair disclosure of information and to safeguard the interest of investors. The Company will strictly follow the information disclosure requirements, continue to pay attention to the progress of the above matter, and perform the information disclosure obligations in a timely manner in accordance with the requirements of relevant laws and regulations.