By Florence Loeve
(Reuters) – Three independent participants of STMicroelectronics’ managerial board obstructed the visit of Italian Marcello Sala to the Franco-Italian chipmaker’s board, banning assistance from French participants, its chairman stated on Wednesday.
The independent participants jointly hold a veto right, Nicolas Dufourcq stated in a declaration sent out to Reuters.
“We must respect the decision of the board members not designated by STMicro,” he stated.
Italy recommended the election of Sala, head of an economic climate ministry division that takes care of state-run companies and possession disposals
Italian and French federal governments have a mixed 27.5% share in STMicroelectronics via a holding firm.
A close assistant to Italy’s Economy Minister Giancarlo Giorgetti, Sala has actually played an essential duty in aiding the federal government handle several of its most fragile company problems.
(Reporting by Florence Lo ève, composing by Nathan Vifflin, editing and enhancing by Dominique Patton and Emelia Sithole-Matarise)
