August 31, 2017 / 12:10 PM / a year ago

China's Marco Polo to end direction role at Pirelli with planned IPO

MILAN, Aug 31 (Reuters) - Italian tyremaker Pirelli said on Thursday China’s Marco Polo International, its sole shareholder, would end its “direction and coordination activity” following the company’s planned re-listing on the Milan bourse.

* The company was delisted from the Milan bourse in 2015 after a mandatory offer launched by Marco Polo, an investment vehicle controlled by China National Chemical.

* The group said in a statement that Ren Jianxin was confirmed president and Marco Tronchetti Provera executive vice-president and chief executive, following a board meeting on Thursday

* New board to remain for three financial years

* Marco Tronchetti Provera to have key role in appointing his successor in 2020

* Newly approved statute envisages that headquarters are to remain in Milan and “technological know-how” of company cannot be transferred to others and any changes are to be approved by at least 90 pct of share capital (Reporting by Giulia Segreti)

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