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Brembo sells Pirelli stake, Camfin buys half

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Well-known brake manufacturer Brembo N.V. has sold its entire stake in Pirelli & C. S.p.A. through an “accelerated bookbuilding offering” (the “Placement”). The proceeds amount to approximately 282.9 million euros, deriving from the sale of Brembo N.V.’s entire stake of no. 55,800,000 ordinary shares of Pirelli & C. S.p.A., at a price of 5.07 euros per share. Brembo’s stake in Pirelli had equated to roughly 5.58 per cent of Pirelli’s issued share capital.

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Related news:

  1. Rosneft reaches for Pirelli – but the power stays with Marco Tronchetti Provera
  2. Pirelli shareholding to be controlled by ChemChina
  3. Pirelli industrial/consumer tyre business split continues
  4. Camfin gains right to buy up to 15% of Pirelli shares
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Qingdao Doublestar to sell 100% stake in Guangrao Jixing

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China’s Qingdao Doublestar intends to sell its entire 100 per cent shareholding in Guangrao Jixing Tire Co. Ltd through a public listing. The company stated it is actively seeking potential buyers but clarified that this announcement does not constitute an offer or a transaction.

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Related news:

  1. Why Doublestar’s Kumho purchase is a good idea
  2. Doublestar reduces the registered capital of the Guangrao company
  3. Deruibao Tire enters ‘restructuring’ proceedings
  4. Doublestar the only bidder left to buy Kumho
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Silk Road Fund sells 9% Pirelli shareholding

China’s Silk Road Fund has sold its entire stake in Pirelli through an accelerated placement procedure. According to a statement published by the Borsa Italiana stock exchange this morning, the economic development fund has divested some 90.2 million shares, which represents a 9.02 per cent shareholding in Pirelli. Demand for the shares far exceeded supply, and MTP/Camfin have reportedly purchased shares equal to 2.2 per cent of Pirelli’s capital.

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Related news:

  1. Pirelli shareholders amend agreement, some parties end co-investment accord
  2. Pirelli: Sinochem sources sceptical of divestment
  3. Pirelli confirms tyre business focus as stake in real estate firm rises
  4. Pirelli governance remains unchanged pending agreement renewal
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Pirelli: Sinochem sources sceptical of divestment

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.

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Related news:

  1. Pirelli shareholders amend agreement, some parties end co-investment accord
  2. Sinochem Holdings established through ChemChina, Sinochem restructuring
  3. Sinochem Holdings appoints new chairman
  4. Sinochem Holdings denies selling Pirelli stake
/by

Bridgestone sells shares in China truck tyre plant

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Following the closure of the Bridgestone (Huizhou) Tire Co., Ltd. (BSHZ) truck tyre plant in China late in 2021 and the relocation of its manufacturing to Shenyang, the former plant assets in Huizhou, Guangdong Province remained Bridgestone’s property. The company today agreed to sell all shares in BSHZ to Huizhou Zhongkai Xinye Development.

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Related news:

  1. Bridgestone closing truck tyre plant in China
  2. Bridgestone divesting 2 further non-tyre businesses
  3. Another patent infringement suit win for Bridgestone in China
  4. Trademark infringement: Bridgestone wins another case in China
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Enviro share issue funding JV, operations

Scandinavian Enviro Systems has raised SEK 300 million (£23.4 million) via a directed share issue and intends to use 75% of this to acquire shares in the previously announced, Michelin-supported joint venture with Antin Infrastructure Partners and to finance the JV’s first plant. The remaining 25% will finance Enviro’s operations for at least 24 months.

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Related news:

  1. Enviro, Antin partnering to recycle 1 million tonnes of tyres by 2030
  2. Enviro given REACH, Uddevalla green lights
  3. Fredrik Alpner to manage Enivro’s current & upcoming plant
  4. Enviro appoints new CFO
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Camfin & LongMarch renew Pirelli agreement

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Pirelli reports that the shareholder agreement between Camfin SpA and LongMarch Holding S.à.r.l. first signed on 13 May 2020 and modified on 30 June 2021 has been renewed for a further three-year period. The agreement thus remains in place until 13 May 2026.

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Related news:

  1. Pirelli and Hixih move closer together
  2. Camfin increases its stake in Pirelli to 14.1%
  3. Pirelli Shareholders’ Agreement Renewed
  4. Rosneft reaches for Pirelli – but the power stays with Marco Tronchetti Provera
/by

Aeolus gains additional 38% stake in Prometeon

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On 28 June, China National Tyre & Rubber Co., Ltd (CNRC), a subsidiary of state-owned conglomerate Sinochem Holdings, completed the acquisition of the 38 per cent share in Prometeon Tyre Group (PRG) owned by High Grade (HK) Investment Management Ltd. Once it has concluded “internal decision-making procedures,” CNRC will entrust its stake in PTG to Aeolus Tyre.

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Related news:

  1. ChemChina entrusts Aeolus with Prometeon Tyre Group shares
  2. Sinochem Holdings established through ChemChina, Sinochem restructuring
  3. Prometeon/Aeolus integration stalls
  4. Tronchetti Provera proposes Prometeon chairman as deputy CEO of Pirelli
/by

Yongsheng Rubber shareholding changes

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Tyrepress has learned from people familiar with the matter that the shareholding of Shandong Yongsheng Rubber Group Co., Ltd. has changed recently. After the equity change, Tian Xiuzhen held 50 per cent and became the group’s major shareholder. Liu Zijun and Liu Huiqin each own 25 per cent of the shares.

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Related news:

  1. Yokohama and Kumho sign technology exchange, capital alliance MOU
  2. Linglong market value exceeds RMB 50 billion
  3. Triangle IPO underway
  4. Guizhou Tyre raises 1 billion yuan for Vietnam tyre factory in private share issue
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Bridgestone divesting 2 further non-tyre businesses

In statements published today, Bridgestone Corporation announced the intention to sell its anti-vibration rubber and chemical products solutions businesses. The company expects the respective deals will close by the end of July and end of August 2022.

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Related news:

  1. Bridgestone sells tennis ball company
  2. Despite postponement, Bridgestone remains committed to Olympics
  3. Bridgestone FY2020: First net loss in 7 decades
  4. Bridgestone achieves highest CDP Supplier Engagement rating for 2nd consecutive year
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New majority shareholder: Maj Invest Equity takes 51% in Genan Holding

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End-of-life tyre recycling firm Genan has a new majority shareholder after PKA, sole owner of Genan since 2014, agreed to sell 51 per cent of its shares in the company to Maj Invest Equity 5 K/S, a fund overseen by one of Denmark’s leading asset management companies. PKA continues to co-own Genan as minority shareholder.

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Related news:

  1. PKA buys out Genan founder – but has it been duped?
  2. Agreement on Genan’s future now in place
  3. Genan loss may be more than £100 million
  4. Andritz opens recycling test and research centre in Austria
/by

Pyrolysis technology: Michelin partnering with Enviro

Michelin is entering into a partnership with Swedish firm Scandinavian Enviro Systems (Enviro) to develop and industrialise on a large scale pyrolysis technology to recycle end of life tyres into raw materials. The two companies signed a shareholding subscription today that will see a subsidiary of the tyre maker, Michelin Ventures SAS, acquire a 20 per cent stake in Enviro.

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Related news:

  1. Enviro: Improved tyre pyrolysis market will help revenues
  2. Enviro completes Michelin share offer
  3. Enviro and Michelin extend strategic partnership letter of intent
  4. Sunderland chosen as site for ‘UK’s greenest’ tyre recycling plant
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Brembo acquires 2.43% interest in Pirelli

Braking systems company Brembo S.p.A. has announced that it holds an interest in consumer tyre manufacturer and fellow Formula 1 supplier Pirelli. As of 31 March 2020, Brembo holds a 2.43 per cent stake in Pirelli, both directly and through its parent company Nuova FourB.

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Related news:

  1. Rosneft reaches for Pirelli – but the power stays with Marco Tronchetti Provera
  2. Reports: Pirelli being sold to an Asian partner
  3. ChemChina’s latest Pirelli shares held indirectly
  4. Warburg Pincus investing £117 million in Apollo Tyres
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Warburg Pincus investing £117 million in Apollo Tyres

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Private equity firm Warburg Pincus is investing around £117 million in Apollo Tyres via a subsidiary. On 26 February, the tyre maker’s Board of Directors approved the issue of up to 108 million compulsorily convertible preference shares, each with a face value of Rs 100, to Emerald Sage Investment Ltd. The transaction is subject to shareholder and regulatory approvals.

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Related news:

  1. Warburg Pincus acquires first tranche of Apollo Tyres shares
  2. India’s competition authority approves Warburg Pincus’ investment in Apollo Tyres
  3. Apollo’s Onkar Kanwar receives Hungary’s ‘Order of Merit’
  4. Apollo Tyres’ management takes coronavirus pay cut
/by

JK Tyre now 26% shareholder in Treel Mobility Solutions

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In June and July, J.K. Organisation company JK Credit & Finance acquired 50.003 per cent equity shares in Indian start-up Treel Mobility Solutions Pvt. Ltd. JK Tyre & Industries has now obtained 26 per cent equity in the smart tyre system specialist from its group sibling and rebranded Treel as a ‘JK Tyre Product’. JK Tyre paid Rs 59.8 million for its 26 per cent share in Treel; JK Credit & Finance continues to hold 24.003 per cent in the company.

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Related news:

  1. JK Tyre acquires Kesoram subsidiary, tyre factory
  2. JK Tyre reduces pay for management in “unprecedented” times
  3. Cavendish now a JK Tyre subsidiary
  4. JK Tyre to consolidate, boost R&D activities
/by

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