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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
CNRC (ChemChina), Camfin and its shareholders have announced that all the necessary antitrust and regulatory approvals for ChemChina’s purchase of the majority of Pirelli (as announced on 22 March 2015) have been obtained. Therefore the aforementioned parties have agreed to complete the transaction on 11 August 2015. As a result, the pre-announced mandatory tender offer for the remaining shares (at 15 euros each) will be triggered.
ChemChina (China National Chemical Corp) has gained European Union antitrust approval for Pirelli takeover. According to a Reuters report, the completed transaction would give the combined company a 10 per cent market share. As a result, ChemChina unit China National Tire & Rubber is now expected to go ahead with plans to set up a joint venture to acquire a 26.2 per cent stake from Italian holding firm Camfin and then make a mandatory takeover bid for the rest of Pirelli.
On 4 June, Pirelli’s largest single shareholder, ChemChina announced that it had set up ChemChina (UK) Ltd., as a wholly owned subsidiary of ChemChina Petrochemical Co., Ltd. According to the company, this business serves as “a London-based trading platform that will effectively complement its sister company ChemChina (Singapore) Pte. Ltd. to build around-the-clock trading networks covering various fields”.
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