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Pirelli’s Chinese Owner Weighs Sale of Stake in Tiremaker

  • Sinochem owns about 37% of firm with €4.8 billion market value
  • Iconic Italian tire brand may draw interest from buyout firms
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Sinochem Holdings Corp. is considering selling its 37% stake in Italian tiremaker Pirelli & C. SpA as the Chinese state-owned conglomerate seeks to streamline its global portfolio of assets, according to people familiar with the matter.

The Beijing-based oil-to-chemicals group is in the early stages of reviewing its holding in Pirelli, the people said. Prospective buyers including private equity firms have shown preliminary interest in the iconic Milan-based firm, the people said, asking not to be identified as the information is private. Sinochem may also sell a partial stake or divest over time on the market, the people said.