You are here: / shares

Posts

Michelin accused of Indonesia natural rubber deforestation “cover-up”

,
Mighty Earth

Campaign group Mighty Earth has published a report alleging that Michelin “covered up industrial-scale deforestation of over 2,500 hectares of rainforest in the run-up to the launch of its flagship ‘eco-friendly’ sustainable natural rubber joint venture project in Sumatra, Indonesia”. The project is currently seeking an additional $120 million in investment from green financiers. Michelin’s joint-venture Indonesia natural rubber project Royal Lestari Utama (RLU) robustly denied the allegations.

Read more

Related news:

  1. TREC: Michelin partners to extract alcohol and rubber from used tyres
  2. Were communications issues behind premium tyremakers share price drop?
  3. Michelin: Acquiring Multistrada will help meet growing tier 2 tyre demand
  4. Michelin now 99.64% owner of Multistrada
/by

Yokohama’s Prometeon bid: Delayed by Covid, but nearing completion

, ,
Prometeon share ownership pie chart

Yokohama’s Prometeon bid: Delayed by Covid, but nearing completion

Today Yokohama announced that it is consolidating its OTR tyre businesses into Yokohama Off-Highway Tires, which could be read as a prelude to the announcement Yokohama’s bid for the Prometeon tyre business. Roughly a year after the story broke, Yokohama’s bid for Prometeon isn’t the best kept secret in the tyre industry. Tyres & Accessories first heard talk of Yokohama’s bid for the ex-Pirelli industrial and commercial vehicle tyre business back in July 2019. The news was reported world-wide after we broke the story in September 2019, followed days later by third-party confirmation from the Chinese side of the deal. At that time, the deal was set to go public by the end of 2019. A few months later at the start of 2020, the timeframe switched to an end-of-first-quarter 2020 deadline. Then the coronavirus pandemic happened. And in the months that have followed things have gone quiet. So, where is Yokohama’s bid for Prometeon up to? The latest news is that deal is still on-track, but that there have been a few changes along the way. Here, Tyres & Accessories brings an update on the status of the acquisition and offers a different view on the deal by looking at it from a South American perspective.

Membership Required

If you are not yet a Tyrepress or Tyres & Accessories subscriber, you can change that here.

Subscribe now

Becoming a member has benefits such as:

  • Read our sector-leading articles in full
  • Full analysis of tyre business segments
  • Read Tyres & Accessories magazine online/in print

Already a member? Log in here

Related news:

  1. Yokohama to buy ex-Pirelli commercial/industrial tyre business Prometeon
  2. Pirelli truck tyres separating and merging with Aeolus/ChemChina
  3. Camfin gains right to buy up to 15% of Pirelli shares
  4. Yokohama consolidates OTR tyre businesses into Yokohama Off-Highway Tires
/by

Pirelli shareholders amend agreement, some parties end co-investment accord

,

Pirelli’s largest shareholders have amended their ownership agreement and – at the same time – certain parties have ended their co-investment stance in relation to each other.

Read more

Related news:

  1. ChemChina now holds 30% of Pirelli shares
  2. Pirelli major shareholder Chemchina restructuring
  3. Marco Polo/ChemChina buy almost 10 per cent of Pirelli shares
  4. ChemChina’s latest Pirelli shares held indirectly
/by

Siemens Energy sale good for Conti group spin off – Analysts

,
Vitesco

Following the reports that Continental is in talks to sell off various parts of its wider group, analysts have responded positively to Siemens’ recent sale of its Energy division, saying it is good for Conti.

Upgrading their rating to “buy”, Jefferies analysts said: “Siemen’s recent spin-off of Energy gives confidence that Conti’s share price will benefit from its planned spin-off of Vitesco as the combined market cap of Siemens and Energy was up 7 per cent on the day of transaction (DAX +3%)” The implication, they explained, was that there was a discount in Siemens’ sum-of-the-parts valuation. That being the case, given Conti’s “more attractive transaction structure”, the analysts predicted that Conti’s “re-rating should be more pronounced.”

Read more

Related news:

  1. Dunlop Aircraft Tyres confirms sale talks
  2. Continental delays Vitesco spin-off
  3. Continental AG measures ‘encouraging’, but R&D budgets and European tyre factories could be cut – analysts
  4. Continental in talks to sell parts of its group
/by

Pyrolyx withdraws from Australian and German stock markets

,
Recycled Carbon Black

Reclaimed Carbon Black (rCB) firm Pyrolyx, which signed a five-year supply deal with continental in November 2019, has withdrawn from both the Australian and German stock markets.

Read more

Related news:

  1. Conti boosts Pyrolyx share price
  2. Sri Lanka tyre manufacturer signs recycled carbon black order
  3. Conti gives overview of green developments
  4. Corporate bond to finance Environ’s ownership of recycling plants
/by

Guizhou Tyre raises 1 billion yuan for Vietnam tyre factory in private share issue

, ,
Guizhou Tyre

On 4 September 2020 Guizhou Tyre Co. Ltd’s board of directors approved plans for a private share issue. The plan was to raise 1 billion yuan in funding via the sale of now more than 200 million shares to 35 selected investors. By 11 September, the company had received the green light from the state-funded Guiyang Industrial Investment Holding Group Co., Ltd. that it would purchase no less than 43.5 per cent of the issued shares.

Membership Required

If you are not yet a Tyrepress or Tyres & Accessories subscriber, you can change that here.

Subscribe now

Becoming a member has benefits such as:

  • Read our sector-leading articles in full
  • Full analysis of tyre business segments
  • Read Tyres & Accessories magazine online/in print

Already a member? Log in here

Related news:

  1. Guizhou Tire begins $350 million construction project on two China factories
  2. Aiming for the top 10: Sailun developing five-year plan to climb global rankings
  3. Guizhou/Advance Tyre release further Vietnam factory plans
  4. Triangle IPO underway
/by

Bitumina becomes Nynas’ largest shareholder

, ,
Nynas

Having exited US sanctions in May 2020, Nynas – which supplies oils to the tyre and rubber industries – has continued an eventful year by announcing significant ownership changes that put Bitumina in a commanding position amongst its shareholders.

Read more

Related news:

  1. Nynas exits reorganisation
  2. Nynas exits US sanctions
  3. Nynas considering India expansion
  4. RISE and Environ embark on tyre-derived oil research project
/by

Michelin launches BIB Action 2020 employee share ownership plan

,
Michelin

Michelin has introduced an employee share ownership plan. Bib Action, as the plan is known, gives Michelin group employees the opportunity to subscribe to a rights issue reserved for them under preferential terms – namely at a discount. Michelin’s managing chairman decided to carry out the rights issue in order to “more deeply involve employees in the group’s growth and development through a dynamic relationship built on mutual commitments”. The subscription period for the five-year minimum ownership share scheme will run from 16 September to 1 October 2020. The rights issue was authorized by the Annual Shareholders Meeting of 23 June 2020 in the 22nd resolution.

Read more

Related news:

  1. Analysts highlight ‘difference in momentum’ between Continental and Michelin results
  2. Tyre manufacturer share prices fall as demand loses pressure
  3. Were communications issues behind premium tyremakers share price drop?
  4. Shanghai Michelin Warrior Tire Shares Transferred
/by

Analysts support Continental AG reform programme

,
Google, share profile, 02/09/20

Financial analysts are reacting positively to the far-reaching restructuring measures announced by Continental AG yesterday that could cost up to 22 per cent of the 59,000 jobs in Germany alone.

Read more

Related news:

  1. Schaeffler/Conti Saga – ‘Over By Christmas’?
  2. Michelin, Conti “well positioned” for market change: Goldman Sachs
  3. Continental Rejects ‘Unlawful’ 11.2 billion Euro Schaeffler Takeover
  4. Conti Cuts 6,000 Jobs in 2009 Q1
/by

Conti rated as ‘buy’ for ‘best cost base’ in the tyre business

,

Following comparably strong second-quarter 2020 results, some financial analysts have confirmed their “buy” rating for Continental AG shares. The reason? Ongoing cost-cutting plans as well as “deep restructuring measures”. Writing in an investor’s note published on 7 August, Jefferies equity research suggested Conti’s planned spin-off of its Vitesco powertrain operation plays a key role in this strategy:

Read more

Related news:

  1. Continental delays Vitesco spin-off
  2. Analysts highlight ‘difference in momentum’ between Continental and Michelin results
  3. Tyre manufacturer share prices fall as demand loses pressure
  4. Continental AG measures ‘encouraging’, but R&D budgets and European tyre factories could be cut – analysts
/1 Comment/by

Shares in Hankook rally as Cho Hyun-bum becomes largest shareholder

,
Hankook

Chairman Cho Yang-rai has sold his 23.59 per cent stake in Hankook Technology Group Co Ltd to his son Cho Hyun-bum. The sale makes the chief executive the largest shareholder of the parent company of South Korea’s largest tyre manufacturer, with around 42.9 per cent.

Read more

Related news:

  1. Hankook Tire CEO Cho indicted on bribery, embezzlement charges
  2. Hankook Tire CEO Cho receives suspended prison sentence
  3. Hankook loses holding company naming dispute
  4. Asian Tyre Stock Jumps on US Auto Rebate Extension
/by

Michelin, Conti “well positioned” for market change: Goldman Sachs

Google

Michelin and Continental stocks are rising, despite the severe impact of the coronavirus pandemic and governmental lockdowns on demand. US investment bank Goldman Sachs today raised the target price of shares in the two manufacturers, rating Michelin as ‘Buy’ and Continental as ‘Neutral’. In his two research notes, Goldman analyst George Galliers increased Michelin stocks’ target price from 91 euros to 113 euros, and Conti’s from 75 euros to 92 euros.

Read more

Related news:

  1. Analysts highlight ‘difference in momentum’ between Continental and Michelin results
  2. Tyre manufacturer share prices fall as demand loses pressure
  3. Analysts support Continental AG reform programme
  4. Different Opinions From Analysts Regarding Goodyear Shares
/by

Fintyre in talks with “potential new investors”

Fintyre, the large but troubled European tyre distribution enterprise, has confirmed that it is talking to “potential new investors” in a statement designed to clarify its ongoing position “given the events that have taken place in the last few months”.

Read more

Related news:

  1. European FinTyre Distribution buys Reifen Krieg
  2. Fintyre platform company acquires Reiff Reifen & Autotechnik
  3. Fintyre to open London head office
  4. EfTD rebrands as Fintyre Group
/by

Goodyear announces US$600 million refinancing

,

The Goodyear Tire & Rubber Company refinancing itself with $600 million of 5-year senior notes. According to the company, the notes will be senior unsecured obligations of the company. Goodyear intends to use the net proceeds for “general corporate purposes…

Read more

Related news:

  1. End of the road for Goodyear’s Amiens-Nord plant?
  2. Goodyear aiming for US$3 billion in operating income by 2020
  3. Goodyear share price picks up, hedge funds back Goodyear
  4. Goodyear shares fall 12% after trading update
/by

Toyo Tire net sales down 9.8% in Q1

,
Toyo Q1 2020 financials Toyo

In the first quarter of 2020 Toyo Tire Corporation reported net sales of 82,094 million yen a decrease of 8,049 million yen (-9.8 per cent) compared with the first quarter of 2019. Its operating income for the quarter was 6,936 million compared to 10,174 million yen (-31.87%) in the first quarter of 2019.

Read more

Related news:

  1. Toyo issues post-earthquake statement
  2. Toyo sells half its Bridgestone shares
  3. Conti Completes Bookbuilding of New Shares
  4. Toyo Tires’ tyre business improves in H1 2018, results muted by ‘dampner scandal’
/by

We see you are visiting us from China.

If you would like the latest news from the Chinese tyre industry in Chinese, visit our partner site TyrepressChina.com. Or click below to continue on Tyrepress.