Tyre manufacturer Aulice lists on NEEQ
Tyre manufacturer Hubei Aulice officially listed on the National Equities Exchange and Quotations (NEEQ) and can publicly transfer its shares.
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Sentury Tire share issue meets 75% of Spain factory costs
Approximately three-quarters of the funds that Qingdao Sentury Tire Co. Ltd. needs to set up a factory in Spain have been secured through a share issue. On 22 August, the tyre maker informed the Shenzhen Stock Exchange that it had issued 94,307,847 shares to 20 parties at a price of RMB 26.69 (£2.93, US$3.68) per share, raising approximately RMB 2.8 billion (£307.1 million, $386.4 million).
Goodyear share price down 20% after Q2 results
The Goodyear Tire & Rubber Company’s fell share price fell 20 per cent when markets opened on 3 August 2023. The sharp fall to around $12.30 represents the lowest point since investor Elliott called for largescale strategic and board composition changes on 11 May 2023. At the time of going to press, Goodyear’s share price was showing signs of recovery and trading at around $13.15.
Goodyear appoints 3 Elliott-approved directors, begins operational review
The open letter that Elliott Investment Management L.P. sent to The Goodyear Tire & Rubber Company on 11 May 2023 was met with a promise to review the shareholder’s recommendations, which included the initiation of an operational review and the appointment of “five new highly qualified independent directors.” While Goodyear hasn’t met this wish list in its entirety, today the company announced three additions to its Board of Directors in connection with a cooperation agreement with Elliott.
Are the wagons or vultures circling at Goodyear? Analysing Elliott Investment Management’s case for change
Elliott Investment Management L.P.’s 11 May open letter to Goodyear’s board of directors sent shockwaves through the company and the markets. Essentially, Elliott’s expounded on its “deep conviction in the opportunity for Goodyear to improve after more than a decade of underperformance”, which was widely interpreted as laying down the gauntlet to Goodyear’s board and most senior executives. With Elliott calling pistols at dawn in the mid-west, the question is: is it time to buckle up and circle the wagons in Akron or are vultures circling over Goodyear? Here, Tyres & Accessories presents an in-depth analysis of Elliott’s arguments for enormous change, critically evaluating the problematic areas Elliott identifies along the way. In order to support our analysis, we spoke to senior executives close to Goodyear, those with first-hand management experience in Akron, financial analysts and third-party market researchers.
Haian Group’s IPO application accepted
Haian GroupOn 12 June, Haian Rubber Group (Haian Group)’s application for an initial public offering (IPO) on Shenzhen Stock Exchange was accepted, according to official filings.
Accelerating Goodyear? A bird’s-eye view of Elliott’s challenging investor letter
In its letter to the Goodyear Board, Elliott Investment Management L.P. requests engagement on Board Enhancement, monetising Goodyear’s retail platform, and forming an Operational Review Committee. At the receiving end of Elliott’s open letter are Goodyear CEO Rich Kramer and the current board of directors. The declaration that “we believe Elliott’s strength is in catalysing change” can be read as a promise to dissatisfied Goodyear shareholders and a threat to the leadership team.
Goodyear stock skyrockets in wake of Elliott letter
Google FinanceGoodyear stock shot up ~30 per cent following an explosive letter recommending radical change at the tyremaker from 10-per-cent-shareholder Elliott Investment Management. At the time of going to press, Goodyear Tire & Rubber Co. shares were up trading at $14.81, up 30 per cent compared with five days ago, with most of that coming on 11 May 2023 when the shareholder letter was published.
Goodyear: “Reviewing Elliott’s recommendations”
Following the publication of an open letter from shareholder Elliot Investment Management suggesting radical changes at Goodyear, executives at the company’s Akron, Ohio headquarters have released a statement confirming that they are “reviewing Elliott’s recommendations” and “intend to meet with them to discuss their views in more detail.”
Goodyear investor calls for wholesale board changes
Elliott Investment Management L.P., which holds around 10 per cent of The Goodyear Rubber & Tire Company shares, has published an open letter sent to Goodyear’s board of directors expounding on its “deep conviction in the opportunity for Goodyear to improve after more than a decade of underperformance”. Not only are Elliotts calling for five changes to the board, but they have set up a website (acceleratinggt.com) detailing plans to overhaul the business. Shares jumped 17% at the time of publication in response to the news.
Enviro share issue funding JV, operations
Scandinavian Enviro Systems has raised SEK 300 million (£23.4 million) via a directed share issue and intends to use 75% of this to acquire shares in the previously announced, Michelin-supported joint venture with Antin Infrastructure Partners and to finance the JV’s first plant. The remaining 25% will finance Enviro’s operations for at least 24 months.
Sinochem Holdings denies selling Pirelli stake
On 16 February, Marco Polo International Italy S.r.l. (Marco Polo) stated that “Sinochem does not have any plan to sell its stake in Pirelli”. Marco Polo is Pirelli’s largest shareholder, holding a 37.01 per cent stake in the tyre maker. The ownership of Marco Polo belongs to China National Tyre & Rubber Co., Ltd (CNRC) under Sinochem Holdings.
Solidium: Nokian Tyres Romania plans offer ‘good prospects for building the business on a new basis’
Source: Solidium OyPublishing its second-half 2022 report on 25 January, Solidium Oy (Nokian Tyres’ largest single shareholder) expressed confidence in the Finnish tyremaker’s work last year.
Is Nokian Tyres a takeover target?
Nokian TyresHow the Russia-Ukraine war, the company’s low share price and other challenges make Nokian Tyres prime takeover material for a premium brand with the money and desire
Sentury self-financing Spanish tyre factory shortfall
SenturyOn 17 January, Sentury said it will adjust its financing plan through the stock market and specifically non-public offering of shares. After the adjustment, the tyre manufacturer will obtain no more than 2.8 billion yuan (about £330 million; 380 million euros), which is far lower than the 4 billion yuan (about £480 million; 540 million euros) proposed in the previous plan.
