On 18 September 2024, Australian tyre and wheel importer and distributor NTAW Holdings Limited announced an entitlement offer to raise AU$12.41 million (£6.52 million) in working capital to support its strategic expansion in Australia and New Zealand following appointment as regional Dunlop tyre distributor.
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.
After concluding a strategic review in response to “the increasingly dynamic markets in the automotive industry,” Continental is more closely examining the possibility of spinning off its Automotive group sector business. The Continental Executive Board has announced that the company will “conduct a further detailed evaluation” before deciding on the matter in the fourth quarter of 2024. If approved by shareholders, Continental intends to complete the spin-off by the end of 2025.
Pirelli & C. SpA held its Shareholders’ Meeting on 28 May. The meeting took place at Studio Marchetti in Milan and was attended by 88.26 per cent of the capital with voting rights, with participation through the Appointed Representative.
At the first Board of Directors meeting held after the upcoming Pirelli shareholders’ meeting, CEO candidate Andrea Casaluci will propose a new Corporate General Management structure that will report to him. He will put forward this structure in coordination with current Executive Vice President and CEO Marco Tronchetti Provera and propose the position be entrusted to former CFO Francesco Tanzi, who will return to the Pirelli Group after a hiatus of almost two years.
Pirelli has published an extract of its Renewal of the Shareholder Agreement, a document signed on 16 May 2022 and amended to take into account the provisions of the Golden Power Decree of the President of the Council of Ministers. Read the official English-language version of the updated document here.
Pirelli & C. S.p.A has announced that, as of the 5 June 2023 deadline for the presentation of Board of Directors nominations lists ahead of the 29 June 2023, no lists were submitted by the shareholders. In other words, board nominations have been put on hold until after the conclusion of the Golden Power Procedure.
Pirelli reports that the Shareholders’ Agreement signed in May 2022 entered force as of 19 May 2023. The renewed agreement replaces the previous agreement that expired on 28 April 2023 but doesn’t yet fully apply. Pirelli explains that proceedings related to the Golden Power Decree are still ongoing, with the agreement’s effect and voting rights for China National Tire & Rubber Corporation, Ltd. (CNRC) remaining suspended until a conclusion is reached.
The three-year agreement pertaining to the governance of Pirelli & C. S.p.A. that took effect on 28 April 2020 has now expired. Although the Renewal of the Shareholder Agreement agreed upon on 16 May 2022 has not yet taken affect, Pirelli states that its governance structure will “remain unchanged” until it does.
The Annual Meeting of Michelin Shareholders will take place on Friday 12 May, and amongst the plethora of information contained within the accompanying Notice of Meeting document, the company shares a few words on activities in Russia. Its message is largely unchanged since the previous update two months ago.
On 28 February 2023, Pirelli shareholder Camfin SpA and its parent Marco Tronchetti Provera & C. SpA (MTP/Camfin) signed a shareholder agreement with Brembo SpA and Next Investment Srl, together with its parent NuovaFourB Srl (Brembo). The agreement covers Brembo’s commitment to align its vote with that of MTP/Camfin, following prior consultation, on matters included in the agenda at Pirelli’s ordinary or extraordinary shareholder meetings.
Yesterday we reported that Mobivia Group had reacquired from Michelin its 20% stake in ATU or would do so “in the next few days,” becoming once again sole owner of the German garage and automotive parts network. At the time, Mobivia hadn’t responded to requests for further information, but a statement from company headquarters arrived this morning and sheds some light on the reason behind the buyback. What’s more, further research suggests Michelin was unable to realise its purchase price when selling the stake.
Judith Buss and Andreas Renschler are to join the Shareholder Committee and the Supervisory Board of Hella GmbH & Co. KGaA as independent members. The corresponding election of candidates is to take place at Hella’s Annual General Meeting on 30 September, 2022. Andreas Renschler is then also to take over as Chairman of the Supervisory Board and on that board, Judith Buss is to act as Chairwoman of the Audit Committee. Andreas Renschler and Judith Buss thus succeed Klaus Kühn, who has announced that, for personal reasons, he would be stepping down from the aforementioned positions at the end of the AGM.
Giorgio Luca Bruno will succeed Marco Tronchetti Provera as chief executive officer of Pirelli. In a statement published on Monday, Pirelli investor Camfin S.p.A announced that Bruno will take responsibility for the operational implementation of the group’s strategies, freeing Tronchetti Provera to guide group strategy and oversee the implementation of the Pirelli business plan as executive vice-chairman, a role he is confirmed to hold until spring 2026. Camfin views the transition as one that ensures the “continuation of the managerial culture of Pirelli.”
Nynas has appointed three new board members following the resignations of Bernd Schmidt, Rami Farah, and Mohamed Idriss.
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