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Sinochem Says It Has No Plan to Sell Stake in Tiremaker Pirelli

China’s Sinochem Holdings Corp. said it does not have any plan to sell its stake in Italian tiremaker Pirelli & C. SpA.

The Chinese state-owned conglomerate, which holds about 37% in the Italian company, said a Bloomberg News report about it weighing a sale “is not true,” according to a statement from its Italian investment vehicle on Thursday.