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Pirelli Acquires Minority Shareholding in Turkish Tyre Units

Pirelli & C SpA reports its tyre division has purchased the minority shareholdings in the two tyre companies it controls in Turkey for 43 million euros. These purchases were made, Pirelli adds, in order to strengthen the group’s position in what it regards as a strategic country.

Pirelli Tyre acquired 25.75 per cent of Pirelli Turk Lastikleri and 48.0 per cent of Celikord from Isbank. A further 1 per cent stake in Celikord was also purchased from other shareholders. According to Pirelli, it now owns 95.35 per cent of Pirelli Turk Lastikleri and 100 per cent of Celikord.

22nd August 2008/by Tyrepress Editors

Schaeffler Raises its Direct Conti Stake to 8%

Schaeffler Group has reportedly increased its direct shareholding in Continental AG to 8 per cent, German daily newspaper Die Welt has reported. According to the paper, the company bought an extra 5 per cent (in addition to an existing per cent stake) for a price of between 63.20 euros and 69 euros per share, well below the 70.12 euros per share offer the company pitched to all Conti’s shareholders.

31st July 2008/by Tyrepress Editors

Bosch, Samsung to Form Hybrid Battery JV

Rising fuel costs have prepared fertile soil for hybrid vehicles to enter the motoring mainstream, and this in turn is creating an unprecedented demand for lithium-ion batteries, the fuel cell of choice for hybrids. To meet this anticipated surge in demand, Robert Bosch GmbH and Samsung SDI Co. Ltd. are establishing a development, manufacturing and sales joint venture. The new South Korea based company is to be named “SB LiMotive Co. Ltd.” and will start operations in September 2008.

Each company will hold a 50 per cent shareholding and be equally represented on the board of management and on the board of directors. The venture’s foundation is, adds Bosch, still subject to approval by antitrust authorities.

30th June 2008/by Tyrepress Editors

Pirelli Buys Back 38.9% Share in Tyre Division

Pirelli & C. SpA has confirmed that, on March 11, it reached an agreement to acquire the entire share capital of Speed SpA. Speed, a company held by the financial institutions Intesa Sanpaolo, Banca Leonardo Group, UniCredit, One Equity Partners, JP Morgan Group, Lehman Brothers and Mediobanca, has since August 2006 held a 38.9 per cent stake in Pirelli Tyre SpA, which it acquired for 740 million euros. The share was bought back for a cash payment of 434.4 million euros, a sum financed by available liquidity. The purchase price takes into account Speed’s debt of approximately 401.1 million euros. The transaction thus attributes the Pirelli Tyre shareholding, Speed’s sole asset, an equity value of 835.5 million euros.

12th March 2008/by Tyrepress Editors

Pirelli Buys Back 38.9% Share in Tyre Division

Pirelli & C. SpA has confirmed that, on March 11, it reached an agreement to acquire the entire share capital of Speed SpA. Speed, a company held by the financial institutions Intesa Sanpaolo, Banca Leonardo Group, UniCredit, One Equity Partners, JP Morgan Group, Lehman Brothers and Mediobanca, has since August 2006 held a 38.9 per cent stake in Pirelli Tyre SpA, which it acquired for 740 million euros. The share was bought back for a cash payment of 434.4 million euros, a sum financed by available liquidity. The purchase price takes into account Speed’s debt of approximately 401.1 million euros. The transaction thus attributes the Pirelli Tyre shareholding, Speed’s sole asset, an equity value of 835.5 million euros.

12th March 2008/by Tyrepress Editors

Kumho Petrochemical Increases Stake in Kumho Tire

The London Stock Exchange’s Regulatory New Service reports that Kumho Petrochemical has increased its shareholding in Kumho Tire Co., Inc. The majority shareholder raised its shareholding in the tyremaker from 44.65 per cent to 44.77 per cent through the purchase of 85,000 common shares. Kumho Petrochemical now holds 31,339,160 shares in the company.

10th December 2007/by Tyrepress Editors

UBS Increases Stake in Continental AG

According to a press release published on November 12 by Swiss based banking firm UBS AG, its share in Continental AG now stands at 5.34 per cent. In late September Continental’s website reported the bank’s shareholding as being 1.97 per cent. No further details were disclosed by UBS.

13th November 2007/by Tyrepress Editors

Cevher Group Purchase Remaining Subsidiary Shares

Turkey’s Cevher Dokum Sanayii aluminium foundry was acquired in its entirety on June 19 by sister alloy wheel company Cevher Jant Sanayii, who purchased the 18 per cent minority shareholding in Cevher Dokum held by Teksid S.p.A. The Ozyauz family, owners of Cevher Jant, now has full control over the entire Cevher Group. The Cevher Group of companies, established in 1955, supply OE wheels to a number of carmakers, including Vauxhall, Volkswagen, BMW, Audi and Volvo.

6th July 2007/by Tyrepress Editors

Matador Q1 Earnings up 18 Per Cent

During the period between January 1 and March 31 2007 the Matador group reported earnings of SKK 4.54 billion (£90.6 million), an 18 per cent increase on the same period in 2006. From this figure, Matador’s rubber division recorded earnings of SKK 3.52 billion (£70.3 million), and of this 78 per cent was generated via the company’s M-Pneu tyre division

During the three-month period the group reached a pre-tax profit of SKK 296 million (£5.9 million), SKK 47 million (£938,000) more than during January to March 2006. The company’s rubber business earned SKK 278 million (£5.5 million) and its automotive division SKK 18 million (£359,000). Profit to sales ratio reached 7.3 per cent, attributable largely to lower operating costs at the beginning of the year.

6th June 2007/by Tyrepress Editors

Prodrive Founder buys Aston Martin

One of the UK’s oldest automotive marques has changed hands for US$848 million. Aston Martin, founded in 1913 and most recently owned by Ford, has been sold to rally driver and founder of prodrive David Richards plus several smaller stakeholders. Ford retains a minority shareholding in the carmaker.

13th March 2007/by Tyrepress Editors

Bridgestone Profits Plummet in Australia

Bridgestone Australia has reported a 72 per cent drop in annual net profit, and has warned of another tough year ahead of it. This bleak news comes only a month after parent company Bridgestone Corporation disclosed its intention to buy back the publicly listed Australian operation.

22nd January 2007/by Tyrepress Editors

Bridgestone Australia Says G’day to Proposed Buyback

After more than half a century as a publicly listed company, Bridgestone Australia Ltd looks set to privatise its operations. Bridgestone Australia directors have announced an AUD$50 million (£20 million) buyback of the minority of shares not already owned by Bridgestone Corporation. If shareholders approve the transaction, Bridgestone Australia will become a wholly owned subsidiary of the parent company.

12th December 2006/by Tyrepress Editors

Nokian Tyres Increases Share Capital

Nokian Tyres has registered an increase in share capital. A total of 229,500 Nokian Tyres plc’s shares have been subscribed with the 2001A option rights, 68,200 with the 2001B option rights and 373,210 with the 2001C option rights. These option rights are attached to the Nokian Tyres plc’s Option Program of 2001.

18th August 2005/by Tyrepress Editors

ETD Changes Hands

London based tyre collection specialist Environmental Tyre Disposals (ETD) has announced a change in ownership which will take effect from Monday 1 August 2005. Following constructive negotiations over the past few months current majority shareholder, Paul Hanlon, has relinquished overall control of the company to managing director, Tony Allen who will now have ownership and control of ETD’s operations.

This development concludes a long running business partnership between Paul Hanlon and Tony Allen who in the last two decades have taken ETD from their initial launch as a modest casing dealer to their present position of being one of the leading players in the UK casing collection market. However, Mr Hanlon will remain with the company on a consultancy basis.

29th July 2005/by Tyrepress Editors

Joint Venture Maxxis International UK

Bickers plc (Felixstowe/Suffolk, England) issued new shares and formed a joint venture company with the long-term tyre supplier Cheng Shin Rubber Ind. Co. Ltd (CST). The new company will trade as “Maxxis International UK plc“ and be located at a new 3.5 acre site in Felixstowe, Britain’s biggest container port.

7th April 2005/by Tyrepress Editors