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Linglong market value exceeds RMB 50 billion

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When the Shandong Linglong Tire Co., Ltd. IPO went live on 6 July and the tyre maker’s shares became available on the Shanghai Stock Exchange, their value increased by 44 per cent on the first day. The company reports that by 19 July the total market capitalisation in Linglong Tire had reached RMB 50.508 billion (£5.7 billion), giving the company the top ranking from 33 ‘A’ share (mainland China-based) listed companies in Yantai, the number three spot amongst ‘A’ listed companies in Shandong and 128th position in China as a whole.

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  1. Linglong IPO attracts 2000x more interest than offer
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  3. Triangle to upgrade PCR and TBR production with IPO funds
  4. Triangle IPO underway
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Yokohama denies Alliance (ATG) acquisition rumours

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Yokohama has denied press reports that it is aiming to buy a majority of Alliance Tire Group (ATG). Acquisition talk had suggested private equity firm Kohlberg Kravis Roberts (KKR) was in talks to sell what would amount to a majority shareholding of its stake in ATG (which is currently 90 per cent) to Yokohama.

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  1. Yokohama to buy ex-Pirelli commercial/industrial tyre business Prometeon
  2. Cooper takes suitor Apollo to court
  3. Reports: Pirelli being sold to an Asian partner
  4. Pirelli reverse merges with Marco Polo
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TVS Srichakra selling its share in TVS Europe Distribution Ltd

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At its meeting on 6 February, the TVS Srichakra Ltd Board of Directors approved the sale of the company’s entire shareholding in TVS Europe Distribution Limited; the tyre maker will sell all 332,500 shares to fellow TVS Group company TVS Automobile Solutions Limited.

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  1. TVS Tyres participating in subsidiary rights issue
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Richard Kramer divests 29,000 Goodyear shares

Goodyear Tire & Rubber chairman, president and chief executive Richard J. Kramer has sold around ten per cent of his shares in the company he heads up. According to a document filed with the United States Securities and Exchange Commission, on 2 February the Goodyear boss disposed of 29,000 shares for an average price of US28.0403 per share – a total of $813,168. Following the transaction, Kramer retains 259,864 shares.

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  1. End of the road for Goodyear’s Amiens-Nord plant?
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  3. Goodyear aiming for US$3 billion in operating income by 2020
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Michelin implements partial share buyback programme

Compagnie Générale des Etablissements Michelin has called on the assistance of an investment services provider for the implementation of its share buyback programme as authorised during the tyre maker’s Annual Shareholders Meeting of 22 May 2015.

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  1. Shanghai Michelin Warrior Tire Shares Transferred
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  3. Michelin sells its 40% Double Coin (Anhui) Warrior Tire shareholding
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Pirelli reverse merges with Marco Polo

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Pirelli & C. S.p.A. is to officially reverse merge with Marco Polo Industrial Holding S.p.A. This transaction will be submitted to the extraordinary shareholders’ meetings on 15 February 2016, with a view to completing during the first half of 2016.

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  1. Pirelli is now Chinese owned
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Michelin cancels 265,570 treasury shares

Pursuant to the decision made by CEO Jean-Dominique Senard on 21 December 2015 and the ninth resolution of the company’s 2015 Shareholders Meeting, Compagnie Générale des Etablissements Michelin has decided to cancel 265,570 treasury shares, an amount representing 0.15 per cent of the total shares outstanding. The effective date of the resulting capital reduction is 28 December 2015.

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  1. Michelin cancelling 4.7 million treasury shares
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Michelin cancelling 4.7 million treasury shares

Compagnie Générale des Etablissements Michelin intends to cancel 4,695,964 of its treasury shares, a figure that represents 2.5 per cent of the total shares outstanding. This course of action is being undertaken based on the decision made by chief executive officer Jean-Dominique Senard on 11 December and the ninth resolution reached at the company’s 2015 Shareholders Meeting on 22 May.

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  1. Michelin cancels 265,570 treasury shares
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Darren Wells sells $1M of Goodyear shares

Goodyear Tire & Rubber’s Darren Wells has sold 30,914 shares in the tyre maker for US$1,039,019.54. Wells, who steps down as president of the company’s Rubber’s EMEA business on 1 January ahead of leaving Goodyear early on in 2016, now directly owns 85,808 shares in Goodyear Tire & Rubber.

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Pirelli shares delisted post ChemChina buyout

Marco Polo Industrial Holding S.p.A., Pirelli’s owner and a company indirectly controlled by China National Chemical Corporation through China National Tire & Rubber Co., Ltd., has moved to the next stage of its takeover, de-listing Pirelli shares from the Italian stock exchange.

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  1. Marco Polo/ChemChina buy almost 10 per cent of Pirelli shares
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96% of Pirelli shares purchased by Marco Polo

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Following the re-opening of its well-reported takeover offer, Marco Polo Industrial Holding S.p.A. now owns 95.969 per cent of the ordinary share capital of Pirelli. The news suggests the takeover of Pirelli is now virtually complete and Marco Polo (which itself is owned by China National Chemical Corporation, China National Tire & Rubber Co., Ltd., Camfin S.p.A., Coinv S.p.A. and Long-Term Investments Luxembourg S.A. (which is controlled by Rosneft) is now the shareholder of basically all of Pirelli’s stock. The latest developments have taken place in the two weeks since Marco Polo became Pirelli’s majority shareholder on 8 October.

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  1. Pirelli is now Chinese owned
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  3. Pirelli reverse merges with Marco Polo
  4. Pirelli shares delisted post ChemChina buyout
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Pirelli is now Chinese owned

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As of yesterday (12 October 2015) Marco Polo Industrial Holding’s offer for Pirelli ordinary share capital achieved an acceptance rate of 53.6 per cent. However, because today (13 October) is the last day of the offer period, it is very likely that this percentage will be significantly more at the end of the day. This means the pre-announced plans for ChemChina to buy around two-thirds of Pirelli is well underway and therefore the company is now effectively Chinese-owned.

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  1. ChemChina’s latest Pirelli shares held indirectly
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  3. 96% of Pirelli shares purchased by Marco Polo
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Schaeffler cuts IPO following VW scandal

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In what is being interpreted as fallout of the Volkswagen (VW) emissions scandal, Schaeffler significantly reduced its initial public offering (IPO) after delaying in light of the VW revelations. VW accounts for more than 10 per cent of sales at Schaeffler, which makes ball bearings for products ranging from tools to airplanes.

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Marco Polo/ChemChina buy almost 10 per cent of Pirelli shares

On 29 September Marco Polo Industrial Holding S.p.A purchased 45,143,033 ordinary Pirelli & C. S.p.A. shares representing approximately 9.5 per cent of the company and 190,307 savings shares from certain investment funds managed by Paulson at a price of Euro 15.00 per share.

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  1. ChemChina’s latest Pirelli shares held indirectly
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  3. ChemChina front-runner to buy Pirelli
  4. Regulator approves ChemChina/Pirelli offers
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Regulator approves ChemChina/Pirelli offers

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Marco Polo Industrial Holding S.p.A. , which is indirectly by China National Chemical Corporation (ChemChina), through China National Tire & Rubber Co., Ltd., has confirmed that the regulator (Consob) has approved the firm’s offer document related to the mandatory tender offer of the ordinary shares of Pirelli & C. S.p.A. listed on the Electronic Stock Market and the voluntary tender offer launched by the same firms.

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  1. ChemChina now holds 30% of Pirelli shares
  2. ChemChina’s latest Pirelli shares held indirectly
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