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Acquisition adds to Lanxess' Vulcanisation Chemical Range

The acquisition of two businesses belonging to Solutia Inc. subsidiary Flexys is intended to strengthen the product portfolio chemical specialist Lanxess’ offers its customers from the tyre and rubber industries. Pending approval from the relevant antitrust authorities, the company will incorporate Flexsys’ primary accelerator business and Perkalink 900 anti-reversion agent into its Rubber Chemicals business unit. Lanxess has not disclosed any financial aspects of the acquisitions and reports that no Flexsys employees will be transferred to Lanxess.

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Pirelli Sells Broadband Business to ADB for 30 million euros

Pirelli & C has sold its broadband business to Advanced Digital Broadcast Holdings (ADB), a company quoted on the Swiss stock exchange for 30 million euros. Analysts received the move as confirmation that the company is wholly dedicated to its tyre business after the separation of its real estate arm earlier this year. The deal was announced on 21 October hours after the company confirmed that Prelios (the new name for Pirelli RE) would make it stock market debut on 25 October.

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EU Returns Schaeffler Monopoly Clearance Application

Schaeffler Group is to re-submit its antitrust clearance application next week after European Union officials reportedly returned it requesting more information. According to a Bloomberg report, Schaeffler’s original 17 October draft needs to “clarify other matters.” Schaeffler spokesman, Detlef Sieverdingbeck dismissed media reports suggesting Schaeffler is procrastinating. “No one’s delaying anything, the matter’s proceeding in perfectly normal fashion,” he said.

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  1. Conti: Schaeffler Takeover is ‘Desirable’
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Schaeffler Now Owns 90% of Continental

The new owner of Continental AG, Schaeffler Group, has announced that it now holds a total of 90.19 per cent of the tyre and automotive system supplier. This figure includes the 82.41 per cent holding Schaeffler has gained at the end of the statutory additional acceptance period and the 7.78 per cent stake it already held. Reuters reported that Schaeffler had agreed last month to limit its stake in Continental to just under half and said it would sell excess shares back to banks for re-placement in the market.

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UPDATE: Continental Complete Spikes Acquisition

Having attained the approval of antitrust authorities, Continental has completed the acquisition of all shares in the Finnish spikes manufacturer TIKKA Spikes Oy, along with its Russian subsidiary OOO TIKKA, based in St. Petersburg. Financial details of the takeover have yet to be released.

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  1. Professor: Schaeffler’s Creeping Takeover Illegal
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  3. Continental to Increase Share Capital by 1 Billion Euros
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Brose Buys Conti’s Electric Motor Operations

On 20 December the Brose Group agreed to buy Continental’s Electric Motor operations. The acquisition is subject to the approval of the antitrust authorities. “We decided to sell the former Siemens VDO Electric Motor Drives operations and Continental’s cooling fan business to the Brose Group because Brose’s excellent positioning in the market segment creates exceedingly good prospects for that business,” said Continental’s Executive Board Chairman, Manfred Wennemer. The news follows Continental’s acquisition of Siemens VDO and, according Wennemer.

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  1. Commercial Register Entry Seals Phoenix Takeover
  2. Siemens Selling VDO Unit to Conti
  3. European Commission Approves Brose Acquisition of Conti Units
  4. UPDATE: Continental Complete Spikes Acquisition
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Tiger Automotive Offer Supported by 64.5% of Shareholders

According to media in South Africa, Tiger Automotive has declared that 64.5 per cent of shareholders had given a firm undertaking to vote in favour of the R1.05 billion (£76 million) offer made by Ethos Private Equity on December 12. To go ahead the transaction needs to approved by at least 75 per cent of shareholders and by antitrust authorities.

“TiAuto shareholders representing approximately 64.8 per cent of the shares eligible to vote at the scheme meeting have furnished irrevocable undertakings to vote in favour of the scheme,” Tiger Automotive said in a statement. The company added that it would not actively seek any rival offer while the Ethos offer remained on the table.

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More Charges Laid Against Marine Hose Cartel Participants

According to the US Department of Justice, charges were laid against an independent consultant and two executives from Grimsby based Dunlop Oil & Marine Ltd. on December 5. A one-count felony charge, resulting from the international marine hose price fixing cartel that operated until May 2007, was filed against: Peter Whittle, sole proprietor of PW Consulting (Oil & Marine) Ltd., Bryan Allison, managing director of Dunlop Oil & Marine Ltd., and David Brammar, Dunlop’s Oil & Marine’s sales and marketing director.

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Siemens Selling VDO Unit to Conti

Continental AG will become the proud new owner of Siemens’ VDO automotive electronics unit after agreeing upon a deal worth 11.4 billion euros. The details of the sale were confirmed at a meeting of Siemens’ supervisory board on July 25. Following the sale, which must first be granted approval from the relevant antitrust authorities, Continental will become one of the world’s five largest automotive suppliers. Assuming no delays in antitrust clearance occur, the sale should be closed towards the end of this year’s fourth quarter. Integration will be concluded by the end of 2009.

The sale to Continental spells an end to the possibility of an IPO for the VDO unit as previously considered. At the same time as this deal was approved Siemens also announced its intention to purchase the US manufacturer of medical equipment Dade Behring for US$7 billion

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Related news:

  1. Continental AG Sells Stankiewicz GmbH
  2. ContiTech Given Approval for UK Acquisition
  3. Conti Q3 Growth Below Predictions
  4. Schaeffler Now Owns 90% of Continental
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Bridgestone Sues Chemical Supplier

(Akron/Tire Review) Bridgestone Americas Holding Corp. has sued Connecticut-based Chemtura alleging that the firm and other chemical suppliers colluded on pricing. Such collusion, if proved, is illegal under the Sherman Antitrust Act. According to news reports, the latest lawsuit was a result of a previous suit against Chemtura and other chemical companies that was filed in the Northern District of California. A settlement was reached with all of the other companies except Chemtura, according to Bridgestone Americas.

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Continental AG Sells Stankiewicz GmbH

Continental AG has sold Stankiewicz GmbH to the Dutch investor Gilde Buy-Out Fund, Utrecht, Netherlands. The two parties have agreed not to disclose the purchase price. Stankiewicz belonged to the ContiTech division of Continental AG and was taken over by Continental as a part of Phoenix AG in 2004. “ContiTech is reorienting its core business activities, which is why we decided to sell Stankiewicz GmbH,” says Gerhard Lerch, executive board chairman of ContiTech AG. “This move will have a positive impact for Stankiewicz as well.”

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  1. Siemens Selling VDO Unit to Conti
  2. ContiTech Given Approval for UK Acquisition
  3. EU Commission Approves VDO Purchase
  4. Conti Opens Second Facility in Calamba, Philippines
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Varta Buys Delphi Battery Business

Varta is set to strengthen its already dominant position of OE car battery supplier in Europe through the acquisition of the European battery business of Delphi Corporation. The acquisition came into effect 1 July, following approval by the European Commission under antitrust laws.

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Pirelli and Alcatel Complete Transaction

Alcatel and Pirelli announced today that they have completed the transaction regarding their respective submarine telecommunication businesses, after having received approval of Italian Antitrust Authorities.

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