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Details of Bridgestone – Toyo Business Alliance Released

Following the May 16, 2008 conclusion of a basic agreement over a business and capital alliance, Bridgestone Corporation and Toyo Tire & Rubber have engaged in discussions in order to, as reports Bridgestone, “create increased efficiencies and generate synergistic efforts” in a number of areas. The two companies have agreed upon a number of initiatives, which have now been made public. The planned joint undertakings cover a number of business areas – tyre production technology development, the procurement of materials and equipment, cross production, logistics and the entry into businesses other than tyres.

27th October 2008/by Tyrepress Editors

Schaeffler May Sell a Quarter of Conti

The German Schaeffler Group, which currently owns 90 per cent of Continental AG, may sell up to a quarter of the tyre and automotive supplier to investors in order to lift the financial burden of its so-called stealth takeover. Quoting unnamed bankers, Sueddeutsche Zeitung reported that the Schaeffler family is facing “increasing pressure from six banks” to change the terms of the company’s funding after Conti shares fell to less than 40 euros.

24th October 2008/by Tyrepress Editors

Insurance Company Owns 5.5 Per Cent Of Nokian

Nokian Tyres has received an announcement, according to which the ownership of Varma Mutual Pension Insurance Company has increased above the level of five per cent of the voting rights and share capital in Nokian Tyres plc as a result of a share transaction concluded on the 16th October 2008. Varma Mutual Pension Insurance Company now holds a total of 6,870,657 Nokian Tyres’ shares, representing 5.50 per cent of the company’s 124,831,190 shares and voting rights.

20th October 2008/by Tyrepress Editors

Schaeffler Buys More Conti Shares

Schaeffler Group today bought a further batch of stock already under its control in an effort to reduce the cost of the deal Continental takeover deal. It was the fourth time Schaeffler has done this. The group reportedly bought 1.05 million shares yesterday.

According to Bloomberg, Schaeffler has bought 3.17 million tendered Continental shares since the company’s offer expired on 16 September – equal to roughly 2.43 per cent. The average price paid was about 61.50 euros, which would amount to a savings of almost 43 million euros ($58 million) versus the price due under the offer. Schaeffler spokesperson Detlef Sieverdingbeck said the recent move is not likely to be the last purchase: “If further purchases make financial sense, we will continue to buy.”

16th October 2008/by Tyrepress Editors

Continental Shares Gain 2.2%

Shares in Continental AG went up 2.2 per cent today (15 October) after majority shareholder, Schaeffler Group said it had purchased 834,000 shares in the German tyre and auto parts specialist as part of its takeover easing worries the deal could run into financing difficulties. “Both Schaefler’s announcement yesterday that it is not having trouble financing the Continental deal and news today that it has purchased some 830,000 odd shares in Continental is helping the stock. Schaeffler is going ahead with the deal and it is creating support for Continental stock in the market.” a Frankfurt-based trader told Interactive Investor.

15th October 2008/by Tyrepress Editors

Costs, Prices Continue to Rise for Apollo

Onkar Kanwar, the managing director and chairman of India’s Apollo Tyres, has stated to news sources that the company expects to make another price increase in Q3 of the company’s current financial year (1 April 2008 – 31 March 2009), based on the continuing rise of costs.

“The cost is up and we have to push up the prices,” Onkar Kanwar told journalists, responding, “It is possible,” when asked whether prices will go up in Q3.

In Friday trading the company topped the Bombay Stock Exchange bulk deals table when Kotak Mahindra UK Ac Sandstone Capital India Master Fund bought 8,405,530 shares at 33.25 rupees a share and Morgan Stanley Mauritius Company sold 8,405,530 shares at 33.25 rupees a share.

13th October 2008/by Tyrepress Editors

Goodyear Shares Rise Following Fleet Deal

Hot on the heels of the announcement of Goodyear’s supply deal with NYC transit (see “Goodyear Renews Supply Agreement…”), midday trading saw shares rise a not-to-be-sniffed-at 55 cents (4.6 per cent), hauling the PPS up to $12.57 in midday trading.

8th October 2008/by Tyrepress Editors

Amtel-Vredestein Sibur Deal Off

The Amtel-Vredestein Sibur-Russian Tyres deal has now officially been called off, according to a company filing to the London Stock Exchange published on 30 September. The plan had been to merge the two companies in order to make a $2 billion a year tyre firm with over 30 per cent domestic market share and access to high performance technology and European markets through Vredestein.

Amtel-Vredestein’s confirmation that the deal is off followed news reports that the deal was faltering due to a lack of the credit necessary to fulfil the deal’s financial terms and conditions. However, the statement also struck an optimistic note: “The company is actively considering a number of options and it is expected that a further announcement will be made in due course.” Yesterday Amtel-Vredestein’s press department in Russia told Tyres & Accessories that the company had not walked away from the deal. “It is an ongoing work in progress,” they explained.

1st October 2008/by Tyrepress Editors

Amtel-Vredestein/Sibur Merger in Trouble

The proposed merger of Russian tyre manufacturing giants Amtel-Vredestein and Sibur Russian Tyres looks to be faltering after reports from news agencies Interfax and Reuters suggested Sibur had walked away from the deal. The plan had been to merge the two companies in order to make a $2 billion a year tyre firm with 30 per cent domestic market share and access to the European markets through Vredestein.

Reuters quoted an unnamed source as saying: “As far as I understand Sibur decided not to move forward with the initial agreement.” Sibur Russian Tyres representatives could not be reached for commented. However, Amtel-Vredestein’s press department in Russia told Tyres & Accessories that Amtel had not walked away from the deal. “It is an ongoing work in progress,” they explained.

30th September 2008/by Tyrepress Editors

Schaeffler Now Owns 90% of Continental

The new owner of Continental AG, Schaeffler Group, has announced that it now holds a total of 90.19 per cent of the tyre and automotive system supplier. This figure includes the 82.41 per cent holding Schaeffler has gained at the end of the statutory additional acceptance period and the 7.78 per cent stake it already held. Reuters reported that Schaeffler had agreed last month to limit its stake in Continental to just under half and said it would sell excess shares back to banks for re-placement in the market.

22nd September 2008/by Tyrepress Editors

UPDATE: Continental Complete Spikes Acquisition

Having attained the approval of antitrust authorities, Continental has completed the acquisition of all shares in the Finnish spikes manufacturer TIKKA Spikes Oy, along with its Russian subsidiary OOO TIKKA, based in St. Petersburg. Financial details of the takeover have yet to be released.

18th September 2008/by Tyrepress Editors

Titan International no Longer Wants European Shares

Titan International Inc. discontinued discussions regarding a potential offer for Titan Europe Plc’s outstanding ordinary shares. On April 12, Titan International Inc. filed a preliminary proxy regarding a potential offer for an exchange of stock to be made with Titan Europe Plc for all or a partial amount of 51% or more of Titan Europe’s outstanding ordinary shares. On September 10, the Titan International board of directors notified Titan Europe Plc that they were discontinuing discussions on the potential offer for Titan Europe Plc.

Titan International Inc. continues to focus its efforts on production of its new 57- and 63-inch giant steel belted radial tires, the company said. (Tire Review/Akron)

11th September 2008/by Tyrepress Editors

Goodyear Shares Struggle with “External Forces”

Tuesday saw a significant drop in the price of Goodyear shares on the NYSE, leading analysts at KeyBanc Capital Markets to drop their company rating from “Buy” to “Hold” and lower 2008 earnings estimates on the stock by 30 cents (to $1.90 per share). Afternoon trading resulted in Goodyear shares dropping $2.36 (12 per cent) to $18.05.

10th September 2008/by Tyrepress Editors

Continental to Complete Spikes Acquisition

Continental are to complete the acquisition of all shares in the Finnish spikes manufacturer TIKKA Spikes Oy, along with its Russian subsidiary OOO TIKKA, based in St. Petersburg.

Lothar Salokat, the director of Conti’s Korbach plant in Germany, stated that, “The deal will strengthen Continental’s winter tyre business as well as its position in Scandinavia and Russia. It is our intention that cooperation with other tyre manufacturers will continue via TIKKA Spikes.” TIKKA Spikes provides employment in Tikkakoski and St Petersburg for approximately 120 people. The TIKKA group states that “they will continue in the service of the new owner as workers of long standing.” The company’s estimated turnover is approximately 15 million euros for this year.

5th September 2008/by Tyrepress Editors

Good News for Goodyear and Cooper Shareholders

Shares in American tyre manufacturers Goodyear and Cooper were on the receiving end of significant boosts on 2 September, following Hurricane Gustav’s near miss on the Gulf Coast and its oil facilities. As a consequence of this, crude oil prices dropped 5.75 US dollars on the NYME, allowing automotive-related companies to begin to claw back some of their 2008 lost value.

Goodyear saw shares rise by 83 cents (4.2 per cent), finishing on 20.44 US dollars, having gone to a high of 21.62 earlier in the day. Meanwhile Cooper rose 71 cents (7.4 per cent), to 10.27 US dollars, with a daily high of 11.25. Over the past year Cooper has traded between 7.05 and 26.02 dollars, while Goodyear has also seen a wide range of prices between 15.56 and 31.36 dollars.

3rd September 2008/by Tyrepress Editors