India, June 13 -- Pirelli & C. SpA shareholders approved the Italian tyre manufacturer's 2024 annual report and a 250 million dividend distribution on Wednesday, despite opposition from the company's Chinese-controlled majority shareholder.

The Milan-based company's annual general meeting saw 86.27 percent of voting capital represented, with 57.07 percent approving the 2024 results that showed parent company net profit of 302 million and consolidated net profit of 501.1 million.

The sole dissenting voice came from MPI Italy, controlled by Chinese chemical giant Sinochem, which holds a 37.015 percent stake in the premium tyre manufacturer. MPI Italy's opposition accounted for 42.90 percent of the capital represented at the meeting.

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