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Continental to cut ties with Pakistan’s General Tyre and Rubber

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Continental intends to divest its shareholding in General Tyre and Rubber Company of Pakistan Ltd. The company owns a 9.78 per cent share in Pakistan’s largest tyre maker through Continental Global Holding Netherlands B.V., and according a notification sent by General Tyre and Rubber to the Pakistan Stock Exchange, Continental Global Holding Netherlands intends to sell its entire shareholding “as soon as practically and economically feasible.”

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  1. Analysts highlight ‘difference in momentum’ between Continental and Michelin results
  2. Lower earnings for Pakistan’s Gentipak in 2017-18
  3. Tyre manufacturer share prices fall as demand loses pressure
  4. Continental AG measures ‘encouraging’, but R&D budgets and European tyre factories could be cut – analysts
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Park Sam-koo, potential suitors ready for Kumho Tire bidding

A final round of bids for the 42.01 per cent controlling stake in Kumho Tire will be held on 12 January, and according to the Korea Development Bank and other creditors, a shortlist of five preferred bidders are in the running to acquire this share should chairman Park Sam-koo decline a prior offer to match the highest bid and purchase the 42.01 per cent stake himself. The five contenders are Apollo Tyres, Shanghai Aerospace Industry Corp. (SAIC), Jiangsu GPRO Group, Shandong Linglong Tire and Doublestar Tyre.

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  1. Preferred Kumho Tire bid to be chosen next week
  2. Kumho brand name off-limits to tyre maker’s potential purchaser
  3. Creditors, Doublestar Tire receive final offer for use of Kumho brand name
  4. Kumho Tire delisting as military supplier
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Tatneft divests Nizhnekamskneftekhim shareholding

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Russia’s PJSC Tatneft has entered into an agreement to sell its shares in chemical and synthetic rubber manufacturer PJSC Nizhnekamskneftekhim to the Taif group of companies. The transaction, which will see 402,813,999 ordinary shares, is valued at approximately 32 billion roubles (£422.6 million).

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  3. Elastomer Costs Equal Share Woes for Zeon Corp
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Michelin cancels 3,347,040 treasury shares

Pursuant to the decision of chief executive officer Jean-Dominque Senard on 13 December 2016 and the twenty-fourth resolution of the company’s shareholders meeting on 13 May 2016, Compagnie Générale des Etablissements Michelin has decided to cancel 3,347,040 treasury shares, representing 1.8 per cent of the total shares outstanding. The effective date of the resulting capital reduction was 15 December 2016.

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  1. Michelin invests in TyreCheck provider
  2. Michelin sells its 40% Double Coin (Anhui) Warrior Tire shareholding
  3. Were communications issues behind premium tyremakers share price drop?
  4. Michelin cancels treasury shares
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SAIC bid top in initial Kumho Tire auction

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The Shanghai Aerospace Industry Co., or SAIC, is said to have submitted the highest bid for Kumho Tire in the preliminary auction. According to Maeil Business News Korea’s Pulse website, the value of the SAIC bid hasn’t been disclosed, however “market experts” recently estimated that bidding for Kumho Tire could reach as high as KRW 1 trillion (£685.8 million).

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Related news:

  1. Park Sam-koo, potential suitors ready for Kumho Tire bidding
  2. Creditors to sell Kumho Tire shareholding
  3. Kumho Tire share price rises on acquisition speculation
  4. Preferred Kumho Tire bid to be chosen next week
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ChemChina denies bidding for Kumho

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Reuters reports that ChemChina did not bid for Kumho Tire, citing a ChemChina executive. told Reuters, denying South Korean media. Roughly 10 parties are said to have expressed an interest in buying a controlling stake in Kumho, which is the world’s 12th-biggest tyre manufacturer. Analysts suggest the deal could be worth around 1 trillion won ($870.02 million).

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  1. ChemChina front-runner to buy Pirelli
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Reports: ChemChina interested in Kumho

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ChemChina is said to have expressed interest in Kumho Tire Co., according to Korean news source. Citing “industry sources” Pulse News said ChemChina “signed a non-disclosure agreement (NDA) with creditors of Kumho Tire last month and began preparing for an official bid. The Chinese company selected Boston Consulting Group to advice on the deal.”

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  3. Pirelli is now Chinese owned
  4. Pirelli reverse merges with Marco Polo
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Dunlop Aircraft Tyres confirms sale talks

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Birmingham-based Dunlop Aircraft Tyres Ltd (DATL) has confirmed that the company is looking for new investors. And this means that “initial discussions” with “a number of interested parties” are already underway.

According to the company’s executive chairman Ian Edmondson, the goal is to find a suitable partner to help the company continue to move forward at its current rate of positive growth: “Our shareholders are now seeking to find a new investor who is in a position to help the business maintain the outstanding growth record that it has delivered in recent years.”

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Related news:

  1. Ready for take-off: is Dunlop Aircraft Tyre Ltd (DATL) up for sale?
  2. Dunlop Aircraft Tyres to open US retread facility
  3. Conti’s Bandvulc purchase results in UK market remoulding
  4. Dunlop Aircraft Tyres sold to Liberty Hall Capital Partners for US$135 million
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Creditors to sell Kumho Tire shareholding

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The creditors who hold a 42 per cent share in Kumho Tire are said to have begun the process of selling the tyre maker. Reuters reports a spokesperson for Korea Development Bank, the largest Kumho Tire shareholder, as giving November or thereabouts as the deadline for initial letters of interest, with main bids coming in or around January. Credit Suisse has been appointed to manage the deal.

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Related news:

  1. Reports: ChemChina interested in Kumho
  2. Kumho Tire delisting as military supplier
  3. Park Sam-koo, potential suitors ready for Kumho Tire bidding
  4. Kumho Tire share price rises on acquisition speculation
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Triangle IPO underway

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Triangle Tire’s initial public offering (IPO) got underway as planned on 9 September with the company becoming a public traded entity on the Shanghai Stock Exchange. The listing became active 10 September 2016 following approval by the China Securities Regulatory Commission (CSRC) on 19 August 2016.

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  1. Triangle to upgrade PCR and TBR production with IPO funds
  2. Triangle IPO on for early September
  3. Linglong IPO attracts 2000x more interest than offer
  4. Linglong market value exceeds RMB 50 billion
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Goodyear aiming for US$3 billion in operating income by 2020

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The Goodyear Tire & Rubber Company is aiming to achieve US$3 billion in annual segment operating income by 2020. At the same time the company is planning to attain cumulative free cash flow of $4.3-$4.9 billion from 2017 to 2020.

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  1. Goodyear reintroduces shareholder dividends
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Conti’s Bandvulc purchase results in UK market remoulding

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On the 4 July, as the USA began to celebrate its independence day, Continental AG’s UK subsidiary (Continental Tyre Group) announced it had bought Bandvulc (B.V. Environmental Ltd.), one of only two substantially sized independent retreaders left in the UK. Legally, the takeover establishes Bandvulc as a wholly owned subsidiary of Continental UK Group Holdings Limited. T&A understands Bandvulc’s existing management team are to continue to lead the business.

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Related news:

  1. Continental buys Bandvulc
  2. Continental and Bandvulc management comment on integration process
  3. Arthur Gregg new Bandvulc MD
  4. New-tyre/retread combination wins Ashcourt over to Continental tyres
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New Tanzania tyre factory planned

The Tanzanian government is set to build a new tyre plant. According to local news reports, permanent secretary in the Ministry of Industry, Trade and Investment Dr Adelhem Meru, told the Public Accounts Committee (PAC) the new factory will be based on new technology.

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  1. Continental, Tanzania Negotiations “Complex”
  2. Tanzanian government supports reopening of General Tire factory
  3. New investors expected to restart GTEA production
  4. Pyramids Tires: $350 million Egyptian factory begins manufacturing
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Triangle to upgrade PCR and TBR production with IPO funds

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Following yesterday’s confirmation that Triangle is going ahead with the initial public offering (IPO) on the Shanghai stock exchange the company planned last year, the company has revealed a number of other key details.

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  1. Triangle IPO on for early September
  2. Triangle IPO underway
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Triangle IPO on for early September

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The China Securities Regulatory Commission (CSRC) approved Triangle Tires’ most recent initial public offering (IPO) bid. Qingdao, Shandong Province-based tyre manufacturer Triangle was one of 13 firms to receive a CSRC go-ahead on Friday 19 August. The IPO is set to take place in Shanghai. An official IPO announcement is expected in September.

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  1. Triangle to upgrade PCR and TBR production with IPO funds
  2. Triangle IPO underway
  3. Serbia open for business
  4. Linglong IPO attracts 2000x more interest than offer
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