Italy said it has taken steps to block Chinese state-owned company Sinochem from taking control of Italian tyre manufacturer Pirelli. This comes after Sinochem notified the Italian government of plans to update an existing shareholder pact with Camfin, a company controlled by Pirelli CEO Marco Tronchetti Provera. Sinochem is Pirelli's biggest shareholder, with a 37% stake in the 151-year-old firm.