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Nokian Shares Dip After Morgan Stanley Downgrade

On the Helsinki Stock Exchange, Nokian Tyres’ shares fell slightly to 15.35 euros after the company was downgraded by analysts Morgan Stanley from “overweight” to “equal weight”. Nokian’s valuation has outperformed others in the market since July, says Morgan Stanley, but is now starting to appear stretched. Another factor is the possibility of increased competition in Russia, following reports that Bridgestone has acquired land in St. Petersburg.

20th October 2006/by Tyrepress Editors

Hayes Lemmerz Sells Components Machining Plant

Hayes Lemmerz International, Inc. has announced the sale of its Southfield, Michigan iron suspension components machining plant to Whitebox Advisors, LLC and the management team who had previously purchased the Company’s Cadillac, Michigan ductile iron foundry in December 2005.

17th October 2006/by Tyrepress Editors

Alliance Major Shareholder Agrees to Sell Up

Alliance Tire Co. ltd. has announced that Eliezer Fishman has signed a memorandum of understanding (MOU) to sell his direct and indirect holdings in the company to a group of investors at a price reflecting a company value of $48 million, 20 per cent above its market capitalisation. In the MOU Fishman promises not to negotiate with third parties for 10 weeks. During this period the buyers will conduct due diligence and complete negotiations for buying the shares.

13th October 2006/by Tyrepress Editors

Apollo Q2 Sales Grow 21 per cent

Apollo has published un-audited financial results showing second quarter sales of 7.67 billion rupees (£90.5 million), up 21 per cent year-on-year. Net profits grew 3.8 per cent to 193 million rupees (£2.28 million) despite global raw material increases. Sales improvement was reflected in the half-year results. Net sales were up 27 per cent to 15.246 billion rupees (£180 million). Operating profit grew 2.8 per cent in the six-month period to 1,167 billion rupees (£13.78 million).

12th October 2006/by Tyrepress Editors

Apollo Tyres to Raise 2.5 billion Rupees

Apollo Tyres has received approval from shareholders for raising 2.5 billion rupees through the issue of equity shares. The shareholders also gave approval for the board to allot up to 400,000 warrants on a preferential basis in one or more “tranches to promoter group companies,” Apollo Tyres informed the Bombay Stock Exchange.

10th October 2006/by Tyrepress Editors

Largest Cooper Shareholder Cuts Stake

(Akron/Tire Review) Cooper Tire & Rubber Co.’s largest single stock owner, Shapiro Capital Management LLC, cut its stake in the Findlay, Ohio-tyre company by some 73 per cent. The sell off reportedly occurred in the third quarter of this year. As of Sept. 30, Shapiro held 3 per cent of all of Cooper’s outstanding shares – 1.87 million shares, down from 7.01 million four months earlier. Shapiro is now the 17th largest Cooper shareholder.

10th October 2006/by Tyrepress Editors

Invesco Stake In Nokian Exceeds Five Per Cent

Nokian Tyres has received an announcement from Invesco Asset Management according to which as a result of a share transaction concluded on 17 July 2006, the holdings of AMVESCAP PCL, for and on behalf of funds managed by its affiliates, now represent more than five per cent of the voting rights and share capital in Nokian Tyres plc. AMVESCAP PCL, for and on behalf of funds managed by its affiliates, now holds a total of 6,653,883 Nokian Tyres’ shares, representing 5.45 per cent of company’s 122,032,270 shares and voting rights.

9th October 2006/by Tyrepress Editors

Jana Partners Purchase Titan Shares

Jana Partners purchased 218,400 shares of Titan International at an average price of $16.90 on 18/19 September, increasing their holdings in the company to approximately 4.499 million shares or a 25.4 per cent stake. According to indiescore.com, the purchase was the first for Jana since the firm “took down” 112,000 shares at an average price of $18.73 on 5/6 June.

22nd September 2006/by Tyrepress Editors

Hedge Fund Buys into Cooper Tire & Rubber

On 18 September Trafelet & Company, disclosed that it now holds 5.756 million shares in Cooper Tire & Rubber – a 9.4 per cent stake. Trafelet is now Cooper Tire & Rubber’s fourth-largest shareholder behind value investors Shapiro Capital Management (11.4 per cent), Brandes Investment Partners (11.4 per cent) and Perkins, Wolf, McDonnell & Company (10 per cent).

22nd September 2006/by Tyrepress Editors

New Chinese International Merger and Acquisition Rules

(Akron/Tire Review) In a move that appears to target the onslaught of overseas investment, China’s Ministry of Commerce implemented new rules earlier this month that increase government regulation of foreign companies’ mergers with and acquisitions of domestic Chinese businesses. The rules expand on previous provisions issued in 2003. The new regulations require regulatory approval whenever a proposed transaction involve a foreign company that has more than 3 billion yuan (approximately $376 million) in assets, more than 1.5 billion yuan ($188 million) in revenue within China, or a 20 per cent or larger share of the domestic market; give foreign investors more than a 25 per cent share of the Chinese market; involve a foreign company that has concluded more than 10 deals over the preceding year in related industries; result in a foreign company’s control of a famous Chinese brand or trademark; or otherwise affect ‘national economic security,’ a term that the regulation leaves undefined.

20th September 2006/by Tyrepress Editors

Scania Rejects MAN Bid

Scania has rejected MAN’s takeover offer. The news follows speculation and then confirmation that German truck and bus maker MAN launched an unsolicited bid worth 9.6 billion (£6.5 billion) for its Swedish rival Scania. Volkswagen and Investor, a Wallenberg family firm, each own major blocks of Scania shares and the Financial Times suggested Investor may reject the offer. The FT also hinted at possible counter bids from other firms, including Paccar. Swedish truck maker Scania says its board met on Sunday 17 September and “unanimously decided not to support the proposals” from MAN AG.

18th September 2006/by Tyrepress Editors

Amtel-Vredestein Won’t Buy Back Shares – Gurin

Amtel-Vredestein has rebuffed reports that suggested it plans to buy back its shares. Responding to the news with an official statement, the Russian/Dutch tyre manufacturer countered what was “erroneously reported and editorialised by Russian Business Consulting’s daily online newspaper RBC Daily.”

23rd August 2006/by Tyrepress Editors

Nokian Tyres Increases Share Capital

An announcement from Nokian Tyres said that the company had increased its share capital by a total of 29,650 euros on 21st August. The new shares will be traded on the Helsinki Stock Exchange, together with the old shares, from the following day. The increase means that Nokian’s share capital now stands at 24,406,454 euros.

22nd August 2006/by Tyrepress Editors

Industrial Tyres From India

In recent years Indian tyre manufacturer Ceat (established in 1958) has shown consistent signs of growth, and the company’s wide range of industrial products is no exception to this trend. The Ceat industrial range includes tractor drive axles tyres R3 and R4, skid steer products, industrial forklift MPT fitments and container handling tyres. According to the company, Altura tyres feature high contact areas for low rolling resistance, brake plies to increase puncture resilience and high tensile strength bead wires for proper rim/tyre fitment. So whether your vehicles operate in a port or an urban warehouse, the Indian manufacturer says it has a product for you.

18th August 2006/by Tyrepress Editors

Nokian Shares Soar 18 per cent Following Positive Results

Analysts have interpreted Nokian’s positive results as an indication that the Finnish company’s move to Russia has paid off. Results published yesterday showed the company’s second quarter sales grew almost 60 per cent in the second quarter. “Net sales came in at 120.3 million euros, some 11 per cent better than expected; EBIT came in at 26.8 million euros some 45 per cent better than our estimate of 18.4 million,” Deutsche Bank analysts reported.

9th August 2006/by Tyrepress Editors