Il caso Pirelli tra golden power, governance societaria e tecnologie critiche

The article examines the Decree of the President of the Council of Ministers of 9 April 2026, by which the Italian Government exercised its special powers over Pirelli pursuant to Article 2 of Decree-Law No. 21 of 15 March 2012, converted, with amendments, into Law No. 56 of 11 May 2012. The decree imposed prescriptions and conditions on Marco Polo International Italy S.r.l., China National Tire & Rubber Corporation Ltd., and Pirelli. It is analysed in continuity with the Decree of the President of the Council of Ministers of 16 June 2023 and against the background of the termination of the shareholders’ agreement between Camfin and Marco Polo. The analysis focuses on the strategic relevance of Cyber Tyre technology, as falling within the scope of Articles 6 and 9 of Decree of the President of the Council of Ministers No. 179 of 18 December 2020. The decree thus reflects a form of governmental intervention affecting the position of the foreign shareholder, Pirelli’s corporate governance, and the safeguards protecting data, know-how, and sensitive technological assets.

Il contributo esamina il d.P.C.M. 9 aprile 2026, con cui il Governo ha esercitato su Pirelli i poteri speciali ex art. 2 d.l. 15 marzo 2012, n. 21 (conv, con modif., in l. 11 maggio 2012, n. 56), imponendo prescrizioni e condizioni a Marco Polo International Italy S.r.l., China National Tire & Rubber Corporation Ltd. e Pirelli. Il provvedimento è letto in continuità con il d.P.C.M. 16 giugno 2023 e alla luce del venir meno del patto parasociale tra Camfin e Marco Polo. L'analisi si concentra sul rilievo della tecnologia Cyber Tyre, ricondotta agli artt. 6 e 9 d.P.C.M. 18 dicembre 2020, n. 179. Ne emerge un intervento che conforma la posizione del socio estero, la governance e i presidi di tutela di dati, know-how e asset tecnologici sensibili.