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Bandag Shareholders Approve Sale

Bandag Inc. held their final shareholders’ meeting on April 3, at which shareholders approved the sale of the retreader to Bridgestone Americas Holding, subsidiary of the Japanese tyre major, for US$1.05 billion. Bandag will become part of the US Bridgestone operation once the deal closes, which is expected to take place during the second quarter. Bandag spokesman Bill Block said the companies are awaiting regulatory approval in Europe and Canada before the deal is completely finalised, but anticipate no complications.

4th April 2007/by Tyrepress Editors

Pirelli Set to Sell Telecom Italia Stake

Pirelli has been in discussions with AT&T, the American telecoms giant, and America Movil to sell two thirds of its controlling share-holding in Telecom Italia. Media sources have been reporting that Pirelli has been negotiating to sell the stake for months. According to an official statement published 1 April, AT&T and America Movil, of Mexico, are involved in talks to buy a third each of Olimpia, a holding company that controls 18 per cent of Telecom Italia and which is 80 per cent owned by Pirelli, the Italian tyre and property group. The deal could value Pirelli’s stake at about €9.5 billion (£6.5 billion).

The deal would value each Telecom Italia share at €2.82 minus the undisclosed net debt of Olimpia. That is expected to be way below the €4 that Mr Tronchetti Provera originally paid for his holding in 2001 but could be a third above the company’s €2.14 closing price on Friday 30 March. The offer is subject to due diligence and is valid until April 30, Pirelli said.

2nd April 2007/by Tyrepress Editors

Goodyear Outlook Positive: S&P

(Akron/Tire Review) Standard & Poor’s has revised its outlook on Goodyear Tire & Rubber Co. to “positive” after the tiremaker agreed to sell its engineered products business to Carlyle Group’s EPD Inc.

The rating agency also affirmed Goodyear’s “B+” long-term and “B-2” short-term corporate credit ratings.

Yesterday, Goodyear shares rose 4.9% and closed at $31.76 on the New York Stock Exchange.

28th March 2007/by Tyrepress Editors

Goodyear India Shares up 10 per cent

Shares in Goodyear India jumped almost 10 per cent from Rs 159.30 (£1.87) to Rs 175.20 (£2.06) on March 26. More than 40,000 shares were traded over the counter, treble the two-week average volume for Goodyear shares. This increase followed the announcement that the company would pay a dividend of Rs 5 (£0.06) a share for the year ended December 31, 2006.

27th March 2007/by Tyrepress Editors

Goodyear India to Pay Dividend – updated

As reported yesterday, Goodyear India has stated that a meeting of the company’s board of directors will be held on March 25 to review the annual financial results for the year ended December. 31, 2006, and to recommend the payment of dividend, if any.

As of March 21 Goodyear India shares were trading on the Bombay Stock Exchange at Rs 143.65 (£1.68), down Rs 0.55 or 0.38 per cent.

22nd March 2007/by Tyrepress Editors

Goodyear India to Pay Dividend

Goodyear India has stated that a meeting of the company’s board of directors will be held on March 25 to review the annual financial results for the year ended December. 31, 2006, and it is reported that the board will recommend the payment of a dividend.

The company operates two manufacturing facilities in India, one of which, the Ballabhgarh plant near Delhi, has recently been the subject of a £4.7 million expansion program aimed at doubling farm tyre production to 700 units a day. The close proximity of the Ballabhgarh plant to the factories of three main tractor manufacturers – Eicher, Escorts and Punjab Tractors – was instrumental in the decision to expand the Goodyear facility.

As of March 21 Goodyear India shares were trading on the Bombay Stock Exchange at Rs 143.65 (£1.68), down Rs 0.55 or 0.38 per cent.

21st March 2007/by Tyrepress Editors

Privatisation of Bridgestone Australia Approved

Following a AUD$50 million (£20.5 million) deal approved by shareholders on March 20, Bridgestone Australia is set to become a private company. At present minority shareholders hold about 14.5 million Bridgestone Australia shares, while Bridgestone Corporation possesses more than 22 million shares, or 60.3 per cent. Bridgestone Corporation intends to offer minority shareholders AUD$3.40 (£1.40) a share, comprising of a return of capital of 50 cents and a fully franked dividend of $2.90. Following the buyout Bridgestone will be delisted from the Australian Stock Exchange on May 30, 2007.

20th March 2007/by Tyrepress Editors

Michelin’s Convertible Bonds Fully Subscribed

Michelin has stated that its convertible bonds have been extended to 700 million euros under very favourable conditions for the company, including a 40 per cent premium to the share price (issued at EUR 104) and a yield of only 3.1 per cent (versus 2 per cent for the share). And dilution will be limited, restricted to only 6.7 million potential shares, which is less than 5 per cent of the current number of Michelin shares.

The settlement and delivery of the bonds is scheduled to take place on March 21.

20th March 2007/by Tyrepress Editors

Dunlop India Approved for Stock Market Trading

Dunlop India Ltd shares are ready to trade on India’s stock exchanges again more than four years after being de-listed following the non-payment of listing fees. India’s Board for Industrial and Financial Reconstruction (BIFR) has asked stock exchanges throughout the country to lift any remaining suspensions imposed on the tyremaker.

According to a statement released by Dunlop India, the March 16 order given by the BIFR directed the stock exchanges in Mumbai, Kolkata, Ahmedabad, Chennai and Delhi to lift suspension and also directed both India’s National Securities Depository (NSDL) and Central Depository Services (CSDL) to issue identification numbers for demat of the shares.

The statement also gave news that the BIFR order permitted the company to issue 27 million new shares valued at Rs 10 each (£0.012) by April 15, 2007 and increase the authorised capital from the current level of £8.17 million up to £8.76 million. The tyremaker’s current paid up capital is £5.25 million but after the proposed rights offer this will increase to £8.4 million.

19th March 2007/by Tyrepress Editors

Michelin Issues 610 million euro Convertible Bond

Michelin is issuing a 610 million euro convertible bond, which has the option of increasing to 700 million. According to a Deutsche Bank report, the move surprised us analysts as they expected company management to focus on generating “strong free cashflow.” However, the analysts added, “conditions look favourable: premium of 35-40 per cent on share price; limited dilution (potentially around 6 million shares); and limited cost (3.4 per cent).”

15th March 2007/by Tyrepress Editors

Pirelli Releases 2006 Results

On the evening of March 12 Pirelli & C. Spa disclosed their 2006 full year results, and while the figures reflected well on Pirelli Tyre, the parent company’s stake in Telecom Italia made a sizeable loss for the group as a whole inevitable.

13th March 2007/by Tyrepress Editors

Strong Pirelli Q4 Results but No Dividend Expected

Pirelli & C. SpA operating results, due Monday March 12, are expected to rise, supported by the strong performance of its tyre operations in the fourth quarter. Additionally, according to analysts, it is also anticipated that the company will not pay a dividend after its 2.1 billion euro third-quarter write-down on its stake in Telecom Italia SpA.

9th March 2007/by Tyrepress Editors

Analysts: Cooper Stock Worth ‘A Second Look’

Shares of Cooper Tire & Rubber Co. hit a 52-week high on 2 March, despite reporting a more losses in its fourth quarter results. Cooper shares rose $1.18, or 7 per cent, to $18.24 in midday trading on the New York Stock Exchange. They had peaked at $18.45 earlier in the session.

5th March 2007/by Tyrepress Editors

Titan Announces Shareholder Offer

Titan International, Inc. announced on February 21 that it has commenced an offer to the holders of its 5.25 per cent senior convertible notes that are due in 2009 to convert their notes into Titan’s common stock at an increased conversion rate. This offer is scheduled to expire at 5 p.m. New York City time on March 20, 2007, unless extended or terminated. As of February 20, 2007, there were US$81.2 million principal amount of convertible notes outstanding.

22nd February 2007/by Tyrepress Editors

China Wheel – Expecting to Double Sales

China Wheel Holdings, manufacturer of wheel rims for carmakers such as Nissan and Toyota, has stated that it expects revenue to more than double within three years as new production capacity comes on stream and the Chinese passenger car market continues to grow.

5th February 2007/by Tyrepress Editors