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Conti to Close Credit Facility for Siemens VDO Purchase

Continental AG is closing the syndication of a €13.5 billion loan package, supported by a consortium of international banks. The credit facility will provide the long-term financing for its purchase of the Siemens VDO Automotive unit. Despite what Conti calls ‘challenging conditions in the financial markets’, the transaction was well received and will be healthily oversubscribed. Continental further adds that a total of 39 banks are participating in the financing, which has been led by Citi and Goldman Sachs.

15th October 2007/by Tyrepress Editors

“We Shall Not Be Moved” – Kwik-Fit

Kwik-Fit is single-handedly holding up the start of Basildon’s £900million town centre regeneration by refusing to move from its centre in Cherrydown East, Basildon. The firm’s refusal to move has hit plans by the Essex Ford Group to sell the site it shares with Kwik Fit, allowing it to be developed into 445 luxury flats, for which developer Western Homes already has planning permission. Essex Ford owns the site and had hoped to relocate its garage and car sales business to Dunton in December.

25th September 2007/by Tyrepress Editors

Analysts: Goodyear Poised for Growth

Goodyear shares have overcorrected “amid confusion over its second quarter performance and concerns about the slowing US economy.” That’s the view of analysts at Deutsche Bank who predict that “the current low valuation and low expectations present a compelling opportunity.”

The analyst’s report explained that Goodyear’s EBIT margins have been that of a somewhat schizophrenic company; achieving segment pre-tax margins approaching 11 per cent outside of North America but less than 1 per cent within North America.

18th September 2007/by Tyrepress Editors

Kumho Petrochemical Raises Stake in Kumho Tire to 39.86%

Kumho Tire Co Inc has announced its majority shareholder Kumho Petrochemical has bought 43,000 shares in the company, increasing its stake to 39.86 per cent from 39.80 per cent. As a result Kumho Petrochemical now holds 27.90 million shares in the Korean tyre manufacturer.

17th September 2007/by Tyrepress Editors

Alcoa Sells Stake in Chalco for $2 Billion

(Akron/Tire Review) Aluminum producer Alcoa Inc. sold its nearly 7 per cent stake in Chalco, China’s largest aluminum maker, for $2 billion. Alcoa said it would continue to invest in the aluminum industry in China, where it currently manufactures foil, fasteners, automotive components and other products. Alcoa said its initial investment in Chalco was less than $200 million.

14th September 2007/by Tyrepress Editors

Goodway to Set Up Tyre & Retread JV in China

Malaysia’s stock exchange, the Bursa Malaysia, has released news that Goodway Integrated Industries has signed a joint venture agreement through its wholly owned Hong Kong subsidiary Goodway Pte Limited with Hong Kong based World Bond Ltd, a company jointly owned by two residents of China, Lu Xiao Fei and Guan Huai Yun. The joint venture company, Newco, will engage in the manufacture and sale of tyres, “recycled rubber tyres” and precured tread liner.

Under the joint venture agreement, Newco will subscribe for 9,999 new ordinary shares of HK$10 (£0.64) nominal value in a newly incorporated Hong Kong company, which will then acquire two wholly-foreign owned entities (WFOEs) for HK$20 million (£1.27 million). The WFOEs will carry out the business of manufacturing and selling the above-mentioned products within the People’s Republic of China in accordance with the terms of the joint venture agreement.

6th September 2007/by Tyrepress Editors

Sibur to Raise Company Share Capital

Sibur Russian Tyres has given notice of its intention to raise share capital in the company to 6.5 billion roubles (£125.67 million). On August 30 the company registered stock valued at 2.186 billion roubles (£42.27 million) – 2,186,033,600 shares each valued at one rouble. The stock issue is intended to restructure debts incurred by the Sibur Group upon the formation of its tyre holding.

4th September 2007/by Tyrepress Editors

Kumho’s Top Shareholder Takes Larger Stake

(Akron/Tire Review) Kumho Petrochemical bought an additional 45,000 shares in Kumho Tire, raising its stake to just over 38 per cent and firming its position as the tyremaker’s largest shareholder.

Kumho Petrochemical now holds 26.73 million shares in the tyre company.

13th August 2007/by Tyrepress Editors

Court Approves Delphi Investment Plan

Financially troubled automotive parts manufacturer Delphi Corporation marked another milestone on its journey back from bankruptcy on August 2. The US Bankruptcy Court for the Southern District of New York gave its consent for the New Jersey based hedge fund Appaloosa Management LP and a number of other investors to inject as much as two and a half billion US dollars into the company. In return Appaloosa and the others will receive preferred and common stock in the reorganised Delphi.

The company is working towards coming out from under the umbrella of Chapter 11 bankruptcy protection – the section of the United States Bankruptcy Code allowing for the reorganisation of a company under bankruptcy court supervision – by the end of 2007, and the August 2 decision will greatly assist to this end. “This was a huge milestone,” said Delphi chairman Robert S. (Steve) Miller, “A lot of the heavy lifting is done.”

3rd August 2007/by Tyrepress Editors

Ceat shareholders Give OK to Demerger

Shareholder’s in India’s Ceat Ltd have approved the demerger of the company’s investment arm CHI Investment into a standalone entity. The demerger had previously been approved by the Bombay High Court.

Ceat said the demerger would enable it to optimise performance and enhance value for the shareholders by concentrating on its core business. Post demerger, the company’s shareholder would get 25 shares in CHI and 75 shares in Ceat for every 100 shares held on the date of recording.

30th July 2007/by Tyrepress Editors

Large TiWheel Share Trade Under Scrutiny

South Africa’s JSE stock exchange confirmed on July 24 that it was looking into an unusually large trade of Tiger Wheel and Tyre stock in May, and would make a report on the matter to the nation’s Financial Services Board. While it is not yet clear to the JSE whether or not the trade should be considered suspicious, the trading of more than 7 million shares in a single transaction on May 11 – only two weeks before Tiger wheels issued a cautionary announcement – is an event that contrasts markedly with the preceding low trading activity in Tiger Wheels shares.

The cautionary, published on May 30, said the performance of its 74 per cent held global wheel manufacturing business, ATS GmbH, had failed to meet the expectations of the revised performance forecast made to its German financing syndicate in February. However, the JSE reportedly had no knowledge of the May 11 transaction until Business Day, one of South Africa’s leading financial newspapers, brought it to the stock exchange’s attention.

The trading activity in question involved about ten per cent of the company’s 59.6 million shares. It is not clear at this stage whether insider trading is suspected.

25th July 2007/by Tyrepress Editors

Investment Firm Owns Five Per Cent Of Nokian

On 20 July, 2007 Nokian Tyres received an announcement from Grantham, Mayo, Van Otterloo & Co LLC (GMO), according to which as a result of a share transaction concluded the previous day, their ownership has increased the level of 5 per cent of the voting rights and share capital in Nokian Tyres plc. GMO now holds a total of 6,224,719 Nokian Tyres’ shares, representing 5.06 per cent of the company’s 122,989,620 shares and voting rights.

GMO is a global investment management firm, founded in 1977. Its headquarters are in Boston, with offices in San Francisco, London, Zurich, Singapore and Sydney and the company employs around 350 people worldwide. In March 2007 GMO was managing US$ 145 billion in client assets.

23rd July 2007/by Tyrepress Editors

Conversion Period for Goodyear Convertible Notes

Goodyear Tire & Rubber announced on July 18 that its 4.00 per cent convertible senior notes, due June 15, 2034 were now convertible at the option of the holders and will remain so through to September 28, 2007, the last business day of the fiscal quarter. The notes became convertible because the last reported sale price of the company’s common stock for at least 20 trading days during the 30 consecutive trading-day period ending on July 17, 2007 (the 11th trading day of the current fiscal quarter), was greater than 120 per cent of the conversion price in effect on such day. The notes have been convertible in previous fiscal quarters.

The company will deliver shares of its common stock or pay cash upon conversion of any notes surrendered on or prior to September 28, 2007. If shares are delivered, cash will be paid in lieu of fractional shares only. Issued in June 2004, the notes are currently convertible at a rate of 83.0703 shares of common stock per US$1,000 principal amount of notes, which is equal to a conversion price of $12.04 per share.

19th July 2007/by Tyrepress Editors

Tiger Automotive Not Affected by TiWheel Complications

Wheel and tyre wholesaler/retailer Tiger Automotive, who operates in both the UK and South African markets, is reportedly not vulnerable to any possible claims made by creditors of Tiger Wheel. According to company CEO Keith Rivers, “When Tiger Automotive was unbundled from Tiger Wheel Limited in December last year, the separation was complete. As far as I am aware there were no cross guarantees.”

TiWheel shares were suspended from trading on July 11, and the company’s recent financial results have been disappointing. However Rivers states that Tiger Automotive is in good shape and looking forward to a slight increase in year-on-year earnings to end June. He added that two ‘constraints’ to Tiger Automotive had been resolved – the 16.5 per cent anti-dumping duty on Chinese tyres has been removed, and problems regarding deliveries to Yokohama South Africa from Japan have been almost totally overcome.

13th July 2007/by Tyrepress Editors

Trading of Tiwheel Shares Suspended

The board of directors at Tiger Wheels Limited has issued advice stating it requested the South African stock exchange JSE Ltd suspend trading Tiwheel shares until further announcement. This suspension took effect as of July 11.

“Shareholders are referred to the cautionary announcement published on May 30, 2007, and are advised that the board of directors of Tiwheel has requested the JSE Limited to suspend trade in Tiwheel’s shares until a further announcement can be made,” the company said in a statement.

Shares in the company have fallen more than 40 per cent since the end of May this year, and on May 30 the company gave notice that the performance of its 74 per cent held global wheel manufacturing business, ATS GmbH, had failed to meet the expectations of the revised performance forecast made to its German financing syndicate in February. It further stated that the syndicate regarded this as a further breach of bank covenants.

12th July 2007/by Tyrepress Editors