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Amtel-Vredestein to Extend Stock Offering

(Akron/Tire Review) Amtel-Vredestein plans to double its authorised capital up to 5.45 billion rubles via an additional stock issue. Shareholders approved the offering last month in Moscow, in an move expected by many industry watchers. It had been rumoured that Amtel-Vredestein would hold an initial public offering for the new company, a subsidiary of Amtel Holdings Holland BV. The new issue will comprise three million ordinary shares at par value of 1,000 rubles.

7th September 2005/by Tyrepress Editors

Alcoa Offers to Buy $11 Million Stake in Russian Facility

Alcoa has announced that it has offered to purchase the remaining 18 per cent of the Belaya Kalitva (BKMPO) fabricated aluminium plant in Russia still held by shareholders following its acquisition from Rusal in January 2005.

5th September 2005/by Tyrepress Editors

Goodyear Files $350M Bond Offer

(Akron/Tire Review) According to CBS MarketWatch, Goodyear Tire & Rubber Company late Monday filed to raise $350 million in a convertible bond offering. The offer consists of 4 per cent convertible senior notes due in 2034 and shares of common stock issuable upon conversion of senior notes. Goodyear said proceeds of the deal will go to selling stockholders including the Calamos Growth & Income Fund, Citigroup and Aristeia International Limited.

31st August 2005/by Tyrepress Editors

Nokian Tyres Increases Share Capital

Nokian Tyres has registered an increase in share capital. A total of 229,500 Nokian Tyres plc’s shares have been subscribed with the 2001A option rights, 68,200 with the 2001B option rights and 373,210 with the 2001C option rights. These option rights are attached to the Nokian Tyres plc’s Option Program of 2001.

18th August 2005/by Tyrepress Editors

Fidelity Reduces Nokian Stake

Fidelity International Limited has informed that its ownership of Nokian Tyres share capital and voting rights has decreased below 5% on August 12, 2005. Fidelity International Limited own a total of 5,739,981 shares which is now 4.78 per cent of Nokian Tyres share capital figure of 120,171,010.

16th August 2005/by Tyrepress Editors

Alliance Tire Company’s Shares Grew at 160% in 2005

The positive business results of Alliance Tire Company have been rewarded by a vote of confidence from investors’ side. The company is currently producing around 120,000 agricultural tyres at around US $ 42 million a year and has been the second best Israeli stock market investment of the year. Company share grew at 160% from the beginning of 2005.

9th August 2005/by Tyrepress Editors

Azerbaijan Tyre Plant For Sale

96.98 per cent of the shares in the Azershin tyre factory in Azerbaijan are for sale. Commissioned in 1959, the Azershin plant is located in Baku, Azerbaijan and covers an area of 17.9 hectares. The plant produces 1.5 million tyres per year. The enterprise, with the charter capital of 8.9 billion manats ($1.87 million), employs 69 people and has 894,314 shares with a value of 10,000 manats each. Azershin has arrears amounting to 26.5 billion manats ($5.6 million).

13th July 2005/by Tyrepress Editors

Accuride Joins the Russell 2000 Index

The Accuride Corporation has announced that its stock has been added to the Russell 2000 Index. The annual reconstitution of Russell’s 21 US equity indexes captures the 3,000 largest US stocks, ranking them by market capitalization to create the broad market Russell 3000 Index. This year marks the 21st anniversary of Russell’s US indexes.

12th July 2005/by Tyrepress Editors

AXA Increases Continental Stake

AXA has increased its stake in Continental AG to 10.5 per cent of voting rights, Continental said in a notice in German newspaper, Boersen-Zeitung. Most of the shares are reportedly held by AXA’s US units AXA Financial Inc, AXA Financial Services LLC, AXA Equitable Life Insurance Company and Alliance Capital Management LP.

1st July 2005/by Tyrepress Editors

Titan Trades Debt For Shares

(Akron/Tire Review) Titan International Inc will swap $33.8 million in 5.25 per cent senior convertible notes (due in 2009) for Titan common stock, the company reported. The private transaction resulted in 3,022,275 shares of Titan common stock being issued to retire the notes.

17th June 2005/by Tyrepress Editors

Investment Group to Take 49 per cent Share in The Tire Rack

(Akron/Tire Review) Automotive News has reported that the Los Angeles-based investment group, Leonard Green & Partners will buy a 49 per cent stake in the Tire Rack. Leonard Green & Partners, which also owns shares in the Rite Aid drugstore chain and Diamond Triumph Auto Glass will effectively buy out The Tire Rack founders, Peter and Wilma Veldman, while remaining family members and senior management would retain 51 per cent in the South Bend, Ind., mail order and wholesale tyre and wheel company.

Family members and senior management that will retain majority ownership include Mike Joines, Tom Veldman, Matt Edmonds and Mark Veldman. In addition The Deal.com suggested Leonard Green & Partners’ would spend in excess of $350 million for its minority stake in The Tire Rack.

14th June 2005/by Tyrepress Editors

Apollo Tyres Suspends Production at Vadodara Plant

Apollo Tyres Ltd has shut its manufacturing plant in Vadodara, Gujarat. Local media reports attribute the closure to illegal strike action by one section of trade unions in the factory. As a result, shares in Apollo were down 0.8 per cent at 280 rupees in what the Reuters news agency described as “a slightly firm Bombay market”.

31st May 2005/by Tyrepress Editors

Russian State to Control Sibur Plants

Russian tyre manufacturer Sibur is to become state-owned company. After a long period of confusion about a possible merger between the gas monopolist Gazprom (that owns almost 100 per cent of Sibur’s shares) with the state-owned oil company Rosneft, the Russian government now has decided to take over the majority of Gazprom’s shares itself, according to Russian media reports. Currently the Russian government owns about 38 per cent of Gazprom but will increase this share up to more than 50 per cent by the end of June, when Gazprom’s annual shareholder meeting takes place. Sibur operates four tyre factories in Russia where it produced more than 15 million tyres in 2004.

19th May 2005/by Tyrepress Editors

Goodyear Shares Overweight

J.P. Morgan Securities has cut its rating on Goodyear Tire & Rubber to neutral from overweight, citing valuation.

The shares rose 23 per cent in the last month against a three per cent rise in the benchmark S&P 500, the broker noted.

“The now-richer valuation, coupled with less favorable just-released April tyre pricing data, suggests stock could enter range-bound period,” said the company.

19th May 2005/by Tyrepress Editors

Nokian Reports Strong First Quarter

Finnish tyre manufacturer Nokian Tyres Oyj reported profits of 9.4 million euros, compared with 7.1 million euros last year. At the same time net sales rose 129.4 million euros from 112.9 million. Nokian Tyres said its main target for 2005 remains to outperform the results of the previous year in terms of net sales and profit.

19th May 2005/by Tyrepress Editors