Sinochem International Corporation (SHSE:600500) denied a report that it planned to sell its 37% stake in the Italian tyre maker Pirelli & C. S.p.A. (BIT:PIRC). Bloomberg had reported on February 15, 2023 that the Chinese state-owned oil-to-chemicals group was in the early stages of reviewing its holding in Pirelli, adding that Sinochem may pursue a full or partial sale of the stake or opt to divest over time on the market. “The report saying Sinochem weighs sale of its stake in Pirelli is not true.

Sinochem does not have any plan to sell its stake in Pirelli,” the company said in a statement. The statement was issued by Marco Polo International Italy, the vehicle through which the stake is held. Pirelli shares pared gains after the statement and stood up by 1.5% at 1340 GMT.