Ren Jianxin, chairman of China National Chemical Corporation (ChemChina) and Igor Sechin, President of Rosneft, signed an equity investment and crude oil supply deal on 20 June 2015 during the St. Petersburg International Economic Forum.
Following the news that ChemChina now controls (both directly and indirectly) 30 per cent or more of Pirelli shares with a view to buying as much as 70 per cent of the company, Italian news reports suggest a number of smaller shareholders are forming an alliance in order to push for a higher offer price from ChemChina.
90 more buildings in Japan were constructed with earthquake shock absorption devices that did not meet certification standards. According to The Japan Times, this brings the latest figure brings the total to 145. The report also quotes Toyo as saying four employees may have been involved in falsifying performance data on the quake-absorbing rubber equipment.
The Tanzanian Government is reportedly in final talks with Continental AG on the subject of buying back its 26 per cent shareholding in the now-defunct General Tyre East Africa (GTEA) tyre manufacturing company. According to local news reports, the government intends to revamp the tyre company.
Following the news that China National Tire & Rubber Co. (CNRC), a subsidiary of China National Chemical Corporation (ChemChina), entered into a binding agreement with Edizione with respect to the purchase of 1.574 per cent of the share capital of Pirelli on 13 April, company representatives have issued a clarification that these shares are held indirectly.
Following news of the company’s plans to takeover Pirelli based on purchasing Camfin’s leading shareholding in the Italian tyre manufacturer, ChemChina has revealed that it has made a deal with Edizione Srl for an additional Pirelli stake. The latest share purchase suggests ChemChina is in the second phase of its acquisition en route to a publically stated goal of owning 65 per cent of Pirelli.
Sameer Africa Ltd., is planning to enter the Rwandan tyre market in the next two years, company executives told Bloomberg recently. At the same time, the company is said to be exploring the possibility of setting up a subsidiary in Nigeria. However, in light of ongoing share sale talks since last summer, this could be […]
ChemChina’s chairman, Ren Jianxin, has publically reiterated his and his company’s commitment to completing its proposed takeover of Pirelli. Speaking to the Financial Times, Ren quoted a Chinese proverb and explained: “…It means that one must do everything in one’s power to facilitate a marriage. We are hoping that all the pieces can come together for our wonderful marriage with Pirelli.”
The partial share buyback scheme authorised at Michelin’s Annual Shareholders Meeting on 16 May 2014 and announced and further reported in January 2015 has been amended in regards to its term and maximum limit. Under these changed terms, a Michelin-appointed investment service provider will now sell an unspecified number of Compagnie Générale des Établissements Michelin shares, representing a maximum amount of €75 million instead of a maximum of one million shares, as originally announced. The shares will be sold until 30 September 2015, rather than the previously announced date of 27 November 2015.
Chinese tyre manufacturer Double Coin has announced plans to invest a total of 11.6 billion yuan (£1.251 billion; 1.710 billion euros; $1.87 billion) in seven companies. It is not clear which firms the company is planning to invest in, but initial indications suggest it is considering a suite of internal and domestic investments. According to a Reuters report, the Shanghai-based firm plans to raise up to 3.7 billion yuan towards funding the investments in a private placement.
In the early hours of 23 March 2015 Beijing Time, ChemChina’s China National Tire & Rubber Co. (CNRC) subsidiary signed an agreement with Camfin S.p.A. to purchase Camfin’s 26.2 per cent Pirelli shareholding at 15 euros a share. This values Pirelli at around 7.1 billion euros (£5.15 billion pounds). A joint tender offer by ChemChina, Camfin and other investors on the rest of Pirelli’s shareholding is now expected to follow.
News agencies are reporting China National Chemical Corporation, which names brands such as Aeolus amongst its number, is close to purchasing shares in Camfin, which own 26 per cent of Pirelli and would give ChemChina a controlling shareholding in Pirelli. For the last year or so Camfin has been owned by Russian oil firm Rosneft and a holding company of Pirelli’s chairman and chief executive, Marco Tronchetti Provera. Other significant shareholders include Italian banks Intesa Sanpaolo and UniCredit.
Italian news reports have led to a flurry of speculation that Pirelli is up for sale and could be considering working with an Asian partner. The speculation centres on reports published by Corriere della Sera suggesting Pirelli chairman Marco Tronchetti Provera is working on bringing in an Asian shareholder/partner/owner. Bloomberg named Yokohama Rubber Co. and Zhongce Rubber Co. as potential investors.
Toyo Tire & Rubber Co.’s share plummeted by the most in four years this week after the company revealed that a rubber product it sold as a building material for protecting against earthquakes failed to meet the necessary certification. The news, which was released in an official statement on 13 March, revealed that that its […]
Schaeffler, the family-run ball-bearing maker and largest shareholder in Continental AG, is reportedly considering a multi-billion euro IPO for its ball-bearing business in what could be a prelude to a further purchase of Conti shares.
The Wall Street Journal (WSJ) has led coverage of the recent financial manoeuvres between Conti and Schaeffler, however financial analysts and other commentators lend credence to the view that purchasing Conti stock could be the endgame.
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