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.
At its Annual Shareholders Meeting on 16 May 2014, Michelin authorised a partial share buyback scheme, and now it is utilising an investment services provider to meet “certain objectives” of what it calls its “Share BuyBack Program”. Under the terms of the agreement signed on 9 January, Michelin has given the investment services provider the green light to sell up to one million Compagnie Générale des Établissements Michelin shares to Compagnie Générale des Établissements Michelin. These shares will be purchased between 12 January 1, 2015 and 27 November 2015, at an average price to be determined objectively and independently by the market over the duration of the agreement, less a guaranteed discount.
Michelin has announced that the company has reduced its capital through the cancellation of 1,010,336 treasury shares. The move follows a decision attributed to the chief executive officer on 27 October and, according to the company, is pursuant to 20th resolution of the firm’s (Compagnie Générale des Etablissements) 16 May 2014 shareholders meeting.
Rosneft has completed its purchase of a 13 per cent stake Pirelli to Rosneft, following Italian anti-monopolies approval multiple news sources are reporting.
The Board of Directors at powertrain component supplier Dana Holding Corporation has authorised a US$400 million increase in its common share repurchase programme. This increase in the share repurchase programme brings the total to $1.4 billion since Dana’s share repurchase programme was initially announced in October 2012. As of 30 June 2014, Dana has returned $942 million to shareholders since the inception of the programme.
Michelin says it has implemented a partial share buyback scheme and under this will acquire up to one million Compagnie Générale des Établissements Michelin shares. The company says it has “called on the assistance of an Investment Services Provider to meet certain objectives” of the share buyback programme authorised at Michelin’s Annual Shareholders Meeting on 17 May 2013.
The NTDA has announced that former cabinet minister Michael Portillo will present the 2014 Tyre Industry Awards, which will take place on 8th October 2014 at the Hilton Manchester Deansgate. The Tyre Industry Awards is the new name for the Tyre and Fast Fit awards (affectionately known as the TAFF awards), which themselves carried on a long line of industry awards under a third moniker.
The prices of shares in Indian tyre manufacturers have fallen back after rallying last week prior to the Easter weekend. According to local news sources, the shares of tyre companies plunged by up to 8 per cent each. The fact that one of the largest domestic tyre makers, MRF, reported a decline in net profit for the quarter ended March 2014 was said to have been the main precipitating factor.
A lot has been said about the tough year in our market during 2013 and the reasons for this, but despite such talk many larger wholesalers managed not just to turn a profit, but to enjoy a very good year. Deldo Autobanden N.V. was one such company; sales and organisation director Tom Van Dyck tells Tyres & Accessories that while the Belgian wholesaler’s results last year weren’t on the level experienced between 2010 and 2012, they were still the fourth or fifth best in the company’s 40 year history.
Pirelli’s share in Italian real estate company Prelios has risen from 13 per cent to approximately 29 per cent following the conversion of bonds worth €148.4 million plus accrued interest. While this 29 per cent shareholding includes a portion (around 22 per cent) that is constrained by lock-up obligations until 2016, Pirelli has released a statement confirming its strategic focus upon its core tyre business. The company is “therefore not a long-term investor in the ‘real estate’ industry” and will “seize any possible opportunity” to divest its Prelios shares.
Goodyear Tire & Rubber announced today that all outstanding shares of its 5.875 per cent mandatory convertible preferred stock will convert to Goodyear common stock shares at the close of business on 1 April 2014. On this mandatory conversion date, each preferred stock share, unless previously converted, will automatically convert into 2.7574 shares of common stock.
Russian oil major, Rosneft has bought into Pirelli, taking control of 50 per cent of the holding group controlling Pirelli and a 13 per cent share of the tyre maker itself. The purchase makes the Russian group the largest single shareholder in Pirelli. The deal is being characterised as a solidification of the company’s partnership with Rosneft in Russia, which is seen as a access route to the emerging market for the tyremaker. However, Pirelli’s share price had fallen 2.24 per cent in response to the news (correct at time of publication).
The German automotive group Volkswagen looks set to acquire the entire stake in Swedish commercial vehicle maker Scania for €6.7bn (£5.59bn). The company currently holds a total of 89.2 per cent of the voting rights and 62.6 per cent of the capital of Scania.
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