Belgian company Solvay has informed the European Commission of its friendly takeover bid on Rhodia in order to gain the competition authority’s approval of the transaction. The cash takeover offer was first announced to Rhodia shareholders in early April, with Solvay saying it would pay 31.60 euros per share for the French chemical manufacturer. Rhodia’s board of directors unanimously recommended acceptance of the offer.
A legal enquiry has been commissioned into access to repair and maintenance information for independent repairers following a decision from the Committee on Internal Market and Consumer Protection, which is part of the European Commission. The RMI Independent Garage Association (IGA) along with CECRA, the European organisation which represents 260,000 independent repairers throughout the European Union, were invited, together with FIGEFA which represent the aftermarket through Europe, to give evidence before Gomez-Acebo a firm of lawyers who are conducting the legal enquiry.
At this year’s eSafety Challenge, which begins in Vienna on May 30, Bridgestone will present and demonstrate two new tyre pressure monitoring systems. The patented commercial system that Bridgestone will demonstrate features a valve containing a built-in radio frequency unit that screws onto the valve stem; a passenger car version integrated to a snap-in valve will also be demonstrated.
HiQ has commented on European Commission plans for compulsory tyre pressure monitoring systems on new vehicle types form 2012 and all new cars from 2014. Noting safety and reduced fuel consumption benefits, the fast fit network states that the implementation of this legislation provides a “clear signal” that TPMS are important and necessary for consumers. A further benefit, says HiQ, is that the adoption of TPMS will enable a greater number of cars to be fitted with run-flat tyres, which also contribute to increased safety.
The European Commission has modified its interpretation of regulation 2001/43 so dealers with compliant but non-s-marked stock will be able to sell them under the following circumstances. While the new system is clearly not a self-certification system, the latest decision (made on 6 July) does offer much-needed clarification and flexibility to the market. Tyres & Accessories understands that while the other options the commission and member states discussed have been eliminated, this decision still has to pass through a “commentology” process and may not be officially ratified until September.
For Marangoni Retreading Systems, the implementation of a high degree of automation into the retreading process is not the only innovative priority for its Ringtread retreading technology. The Italian based company also bills respect for the environment in compliance with European Commission CO2 emission reduction regulations as a factor worthy of top consideration. This approach to its business has led to the development of what Marangoni calls a new generation of machinery for applying cushion gum – the Black Swan.
Sweden’s Trelleborg Group reports it has reached an agreement with the US Department of Justice regarding investigations involving marine fenders and marine oil hoses. These investigations, Trelleborg adds, commenced in 2005 and 2007 respectively, and it has been awaiting a decision from the authorities “for a lengthy period.”
The agreements entail that the two Trelleborg Group subsidiaries in question shall pay a combined fine of US$11 million to the US authorities. The agreements are to be approved in court. The Group’s French subsidiary has previously paid close to $2 million in damages to aggrieved customers as settlement of a class action, which concerned Trelleborg and other companies, for alleged illegal price fixing concerning marine oil hoses.
A decision taken by the European Commission on March 2 means that the way is clear for JPMorgan Chase & Co.’s ‘One Equity’ private equity unit to take on sole ownership of carbon black manufacturer Columbian Chemicals. The former minority shareholder will pay US$150 million for a 66.75 per cent chunk in the Columbian Chemicals, which is currently owned by South Korea’s DC Chemical Co. Ltd. The South Korea based Columbian Chemicals facilities will, however, continue to be owned and operated by DC Chemical.
The European Commission (EC) has given the UK has been given the green light to offer £1 billion of loans and loan guarantees as well as loan guarantees through the European Investment Bank (EIB) enabling funding of up to £1.3 billion. Business minister Ian Pearson said: “We are grateful to the Commission for its swift response and approval of our state aid application. We welcome applications for the Automotive Assistance Programme that’s now up and running…Our package will support both manufacturers and larger automotive suppliers in delivering the new investment that will be vital in ensuring the industry comes out of the current downturn with the skills and technology needed to be competitive in the global automotive market.”
Following the January 28 European Commission decision regarding the international marine hose cartel, Bridgestone has once more revised its consolidated financial projections for the 2008 fiscal year. The company anticipates net sales of 3,250 billion yen (£25.5 billion), an amount unchanged since it last revised its projections on December 22, 2008 and 170 billion yen (£1.3 billion) less than the company’s original 2008 year projection, announced on August 8, 2008. Operating income, at 118 billion yen (£926.7 million) and ordinary income of 64 billion yen (£502.6 million) also remain the same as the December 22 projection. Net income, however, is now projected to be 7.5 billion yen (£58.9 million), a reduction of 4.5 billion yen (£35.3 million) or 35 per cent from the December revisions. Last August the tyre major had anticipated net income of 66 billion yen (£518.3 million).
Bridgestone Corporation has confirmed its receipt of a Statement of Objections on May 1, and the April 30 receipt of a Statement of Objections by its UK subsidiary. These said statements were sent by the European Commission with respect to alleged anticompetitive behaviour regarding the sale of marine hose. The company states it will examine the European Commission’s preliminary findings as reported in the Statement of Objections, and will respond ‘in due course’.
A Statement of Objections is a procedural document whereby the European Commission describes its preliminary view in relation to a possible infringement of EU competition law and allows its addressees to present arguments in response. A Statement of Objections is a preparatory document that does not prejudge the European Commission’s final decision. Any final decision by the European Commission is subject to appeal to the European Courts.
Zeon, the Japanese synthetic rubber manufacturer fined 34.23 million euros by the European Commission for its involvement in price fixing for Nitrile Butadiene Rubber (NBR), has decided not to appeal the Commission’s decision to the Court of First Instance.
“Zeon Corporation has decided that Zeon Corporation and its European subsidiaries, Zeon Europe GmbH, Zeon Chemicals Europe Ltd. will not appeal to the Court of First Instance against the decision by the European Commission dated January 23rd 2008,” said the company in a statement. “Zeon’s board carefully reviewed the decision and made the resolution in all aspects including the costs of long and burdensome litigation for a reduction of the fine.”
(Akron/Tire Review) News reports say that the European Commission has extended the deadline for its inquiry into Continental AG’s proposed 11.4 billion euro acquisition of Siemens AG’s VDO automotive electronics unit to November 29. The original deadline was November 15.
The European Commission has announced that its inquiry deadline for Continental AG’s proposed 11.4 billion euro acquisition of the VDO Automotive Division from Siemens has been set for November 15. No further details were given at the time.
The European Commission has moved to ensure that car manufacturers will provide technical information about car repairs to all independent garages in the European Union. According to a Dow Jones report, the decision will legally bind DaimlerChrysler, Toyota, General Motors and Fiat to change their business practices and share technical repair information equally with branded and independent garages.
If you would like the latest news from the Chinese tyre industry in Chinese, visit our partner site TyrepressChina.com. Or click below to continue on Tyrepress.
