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Conti Tells Shareholders to Reject Schaeffler Offer

Continental AG’s supervisory and executive boards have recommended that shareholders decline Schaeffler KG’s 11.3 billion euro takeover offer. However, the executive board will continue to negotiate in the short-term, with the full backing of the supervisory board. “Specific progress” is said to have been made in the ongoing talks. The executive board said it will continue to evaluate “all options of action.”

Earlier Frankfurter Allgemeine Zeitung reported that the Schaeffler Group was ready to raise its offer to 75 euros a share. Could this be the “specific progress” Continental mentioned?

In response the Schaeffler Group welcomed Continental AG’s decision to continue the negotiations about an agreement without delay, adding that Schaeffler is very confident that the negotiations will lead to a positive result. “In the interest of both companies, we are also aiming to reach an agreement as rapidly as possible,” Dr. Juergen M. Geissinger, president and CEO of the Schaeffler Group said in a statement.

13th August 2008/by Tyrepress Editors

Indian Rubber Exports Rise 38% in April-July

India’s natural rubber exports are said to have increased 38 per cent between April and July this year, according to estimates from the country’s Rubber Board. A total of 23,998 were exported during the period as opposed to 14,816 tonnes in the same period of the previous financial year. Favourable global market conditions in July led to a total of 10,862 tonnes of natural rubber exported during this month alone.

12th August 2008/by Tyrepress Editors

Toyo Posts Net Loss in Q1 2008

Toyo Tire & Rubber has announced its consolidated business results for the first quarter of the 2008 financial year, the period between April 1 and June 30, 2008. Compared with the same period in 2007, net sales increased to 86.639 billion yen (£410.9 million), a rise of 4.6 per cent, while operating income decreased a significant 70.1 per cent, to 1.259 billion yen (£5.97 million). Ordinary income decreased to 1.205 billion yen (£5.71 million), down 71.6 per cent. The company reports a net loss of 1.438 billion yen (£6.82 million); in the first quarter of the 2007 financial year net income was 3.632 billion yen (£17.23 million).

12th August 2008/by Tyrepress Editors

Conti Considers Peer Acquisition to Defend Against Schaeffler Bid

Continental is considering the option of purchasing a peer company as part of its defence against the Schaeffler Group’s 11.3 billion acquisition bid, according to information published in the Financial Times on August 9. The newspaper quoted sources close to the situation as saying Conti was engaging in “concrete talks” with several listed and unlisted international rivals about a possible multi-billion-euro deal, however Conti has not commented on the validity of this news.

The report said any deal, which would be structured as an all-share bid, would most likely be funded via a capital increase of about 20 per cent, which would be worth more than 2 billion euros. The move would have the dual effect of strengthening Continental’s position, while simultaneously diluting the the value of Schaeffler’s stake. Schaeffler has previously warned Continental not to resist its bid by means of a large capital increase.

11th August 2008/by Tyrepress Editors

Bridgestone Outlines Senior Management Changes

Bridgestone Corporation announced on August 8 that its board of directors has approved the following proposals of the changes in corporate officers:

The following corporate officer positions and responsibilities are changing, effective August 16, 2008

– Koki Takahashi
New position and responsibilities: vice president and officer; chief financial officer, Finance; concurrently director, Internal Control Division

Current position and responsibilities: Vice president and officer, chief financial officer, finance

8th August 2008/by Tyrepress Editors

Monityre TPMS – Specifically Designed for Commercial Vehicles

With an estimated one third of all commercial vehicle tyres claimed to be incorrectly inflated, the failure to spot problems in truck and trailer tyre pressures can have catastrophic financial effects and damaging consequences for any operator. However, a practical cost effective solution to this problem is now at hand with the launch of Monityre from Safe Europe plc.

Monityre is a tyre pressure monitoring system (TPMS) that, says Safe Europe, eliminates the issues associated with other monitoring systems, allowing operators to accurately and easily monitor tyre pressures within a fleet.

8th August 2008/by Tyrepress Editors

Pirelli Tyre 1H Results Show Declining Net Revenue

The Board of Directors of Pirelli & C. SpA, have released the company’s interim financial statements for the half-year ended 30 June 2008. These results show Group revenues of 2.6843 billion euros, an increase of 2.7 per cent compared with the first half of 2007. The company’s EBIT before restructuring charges of 21.2 million euros were taken into account was 211.5 million euros, a decrease of 4.4 per cent compared with 221.3 million euros as of 30 June 2007. The company’s net result was 9.5 million euros lower than the 198.3 million euros recorded in 2007, and in the most recent half year it recorded a net financial position of negative 823 million euros.

6th August 2008/by Tyrepress Editors

Analysts “Still Cautious” on Cooper Shares

A financial analyst report on the fortunes of Cooper Tire suggests that investors will continue to be cautious with the American tyre manufacturer despite some positive signs.

The Deutsche Bank study states that Cooper’s “‘clean’ EPS loss, adjusted for a ‘normal’ 30 per cent tax rate, would have been ($0.26), compared with our ($0.23) estimate.” This figure is one that the Bank believes will deter investors for the time being, alongside “continued market share declines, high cash burn, lack of identifiable cost reductions, and warnings of further raw material increases.” On the other hand, the analysis states that the company’s plan “to raise prices by ‘up to 10 per cent’ in October” will mean that the share price will retain its strength.

6th August 2008/by Tyrepress Editors

Ceat Chooses Consultancy Over Strategic Partner

Ceat Limited is reportedly no longer seeking a strategic partner for its planned radial facility in Baroda, India, and is instead receiving technological assistance and know-how from a US based consultancy firm. The tyremaker has sought a partner for assistance in setting up a more than Rs 6 billion (£72.6 million) truck and bus radial factory for more than a year, and in February Sales and Marketing vice-president Arnab Banerjee felt confident enough on the likelihood of this to say that Ceat “should be able to finalise the partners soon.”

6th August 2008/by Tyrepress Editors

Obituary – Tony Ryan

We were saddened to learn of the death of Tony Ryan, who was Managing Director of Apaseal before retiring due to ill health in 2000.

Tony Ryan – a Chartered Account – joined Apaseal from Wilkinson Sword in 1972 and handled the difficult financial environment of the 70s, enabling Apaseal to remain a key player in the tyre maintenance market. On his appointment in 1983 to managing director he,alongside a dedicated group of management, set about the task to enhance the company’s main objective to provide a complete service for the tyre distributor with the strategy “everything to do with the wheel other than the tyre and rim.”

6th August 2008/by Tyrepress Editors

McCain Mocks Obama’s Tyre Plea

Following US-presidential candidate Barack Obama’s fuel-saving tip of keeping tyres inflated (as reported on Tyrepress.com last week), the Democrat’s Republican rival, John McCain and his campaign staff have issued a fundraising email mocking the suggestion.

The email reads: “John McCain says we need offshore oil drilling and we need it now. Senator Barack Obama has consistently opposed offshore drilling — calling it a “gimmick.” Senator Obama’s solution to high gas prices is telling Americans to make sure their tyres are inflated.

5th August 2008/by Tyrepress Editors

Sunil Sapre Appointed New Ceat CFO

Major Indian tyre manufacturer Ceat has announced the appointment of Sunil Sapre as its new chief financial officer. Sapre has previously held the positions of executive vice-president and company secretary at Godrej Consumer Products.

Ceat is the flagship company of RPG Enterprises, boasting an annual turnover of 26 billion rupees and exporting globally to over 100 countries.

4th August 2008/by Tyrepress Editors

Continental Bolsters Defences with Citigroup, HSBC

Continental AG has reportedly bolstered its defensive options against a hostile bid from Schaeffler Group with the appointment of Citigroup and HSBC to its defence teams. Quoting sources familiar with the matter, Reuters reported that the move will add two banks with the ability to lend cash from their balance sheets to Goldman Sachs, known for its defensive advisory work. The same source said defensive measure may include “a possible capital increase or striking a deal with a white knight.”

4th August 2008/by Tyrepress Editors

Professor: Schaeffler’s Creeping Takeover Illegal

Prof. Mathias Habersack, of Eberhard Karls University in Tuebingen, Germany, has spoke out against the way in which Schaeffler Group purchased share swaps in the build-up to its creeping takeover bid for Continental AG. In the course of defending itself from Schaeffler’s unsolicited 11.3 billion euro bid, Continental’s management cried foul and called in Bafin the German federal financial regulator. The officials cleared the takeover bid itself, but are reportedly still investigating the legality of the so-called creeping part of the takeover. The fact that Prof Habersack, himself a member of the board of trustees of the German Banking Law Association, has leant his support to Conti’s case, could suggest the legal angle will continue to be a key role in the company’s defence plan.

In a report commissioned by Continental AG Prof Habersack concluded that Schaeffler’s methods demonstrate “a clear infringement of the reporting and notification provisions of the German Securities Trading Act and Securities Acquisition and Takeover Act.”

1st August 2008/by Tyrepress Editors

Mark Brebberman Named CFO of Hayes Lemmerz

Hayes Lemmerz International has announced the promotion of Mark A. Brebberman to the position of vice president and chief financial officer. Brebberman succeeds James A. Yost, who left the company in May. Originally joining Hayes Lemmerz in December 2001 as the North American Wheel Group Business Unit controller, Mr. Brebberman was promoted to corporate controller, operations and corporate controller in April 2004 and July 2007, respectively.

“We are fortunate to have a person of Mark’s capability and experience within Hayes. Mark has a deep knowledge of the corporation and its operating companies,” said Curtis Clawson, president, CEO and chairman of the Board. “I’m confident in the capabilities of Mark and our other finance department leaders to make this a seamless transition.”

31st July 2008/by Tyrepress Editors