Michelin has launched its latest global employee share ownership plan, BIB’Action 2024. This initiative is open to over 127,000 employees in 44 countries, allowing them to become shareholders and participate directly in value creation. The programme, running from 11 September to 26 September 2024, is part of Michelin’s ongoing commitment to increasing employee share ownership, which it has pursued since 2002.
With the assistance of Monitor via Modular Finance, Scandinavian Enviro Systems (Enviro) has prepared a register of the company’s 15 largest owners as of 30 June 2023. Following the announcement of a cooperation agreement with Antin in March and a directed share issue in May, new Enviro shareholders include Handelsbanken Fonder, Swedbank Robur Fonder and Skandia Fonder. Michelin did not participate in the issue, but although it no longer has a 20 per cent stake in Enviro, it remains the largest shareholder by a considerable margin with 16.28 per cent.
Three sources “close to the matter” have shared with Reuters their expectation that Sinochem Holdings will retain its stake in Pirelli despite Italy’s Golden Power Decree restrictions. One commented that China may view an exit from Pirelli as a “reputational setback” at a time of “tenser relations” with Western countries.
Italy’s government has identified tyre sensor technology as a national strategic asset and, with the stated aim of preventing misuse of this technology, has confirmed it will use the Golden Power procedure to limit the influence that shareholder China National Tire & Rubber Corporation Ltd. (CNRC) has upon Pirelli & C. S.p.A. According to statements issued by the government on 16 June and Pirelli two days later, a range of measures will now curtail CNRC’s involvement in the tyre maker.
In its letter to the Goodyear Board, Elliott Investment Management L.P. requests engagement on Board Enhancement, monetising Goodyear’s retail platform, and forming an Operational Review Committee. At the receiving end of Elliott’s open letter are Goodyear CEO Rich Kramer and the current board of directors. The declaration that “we believe Elliott’s strength is in catalysing change” can be read as a promise to dissatisfied Goodyear shareholders and a threat to the leadership team.
Macrolink Group, a significant shareholder of Sailun, recently received a civil ruling from the court in Beijing. The document shows that the court has accepted the reorganisation application filed by Hunan Fortune Group against Macrolink Group. It is reported that the cause of this incident was that Macrolink Group failed to pay off its due debts, and Hunan Fortune Group was the creditor.
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Macrolink group