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Continental Acquire half of Phoenix

On 10 June Continental announced that it had reached the 50% mark in its planned takeover of Phoenix. “With 50.02% we have already attained a majority interest and feel that our confidence in procuring over 75% of the shares as targeted has been affirmed,” said Manfred Wennemer, chairman of the Continental executive board.

The company believes that the proposed merger of the two companies is good “industrial logic” and that it has offered Phoenix shareholders a good price. Following sales of around 1.8 billion in 2003 Continental’s ContiTech division see the move as a step towards strengthening its position as one of the world’s leading rubber and plastic technology specialists.

14th June 2004/by Tyrepress Editors

SmarTire: $15 Million Standby Equity Distribution Agreement

SmarTire Systems Inc. (OTCBB: SMTR) announced that the Company has signed a $15 Million Standby Equity Distribution Agreement with Cornell Capital Partners LP. This financial instrument replaces the $15 Equity Line of Credit arranged by HPC Capital Management in 2003. SmarTire also announces that it has arranged a second $750,000 unsecured, promissory note with Cornell Capital.

26th May 2004/by Tyrepress Editors

Sumitimo Rubber Industries: Buy

The Japanese tyre manufacturer has reported good 1st quarter figures. Demand was better than expected, exports are booming and price increases seem to have stuck. All reasons for Deutsche Bank to recommend the shares as a “buy”.

20th May 2004/by Tyrepress Editors

Deutsche Bank regards Goodyear shares overrated

While the Goodyear shares jumped around 5 per cent to 8.56 US-Dollars on the stock exchange, finance experts have reacted more cautiously. Rod Lache, DB-analyst in New York, doubts whether the contract with the unions or the closing of a factory in the USA last year is sufficient to have a positive effect on the high fixed costs. He expressed surprise that Goodyear’s volumes slipped by 1.7 per cent while the industry gained 3.7 per cent. The value of Goodyear shares is in the region of 6 US-Dollars, according to Deutsche Bank.

20th May 2004/by Tyrepress Editors

Increase In Nokian Share Capital

More than 50,000 new Nokian shares have been subscribed, adding 104,070 Euro to the company’s share capital, which now totals 21,472,952 Euros. The shares, together with the old shares, will be traded on the Helsinki Exchange from 17 May.

17th May 2004/by Tyrepress Editors

Goodyear seeks another extension

Goodyear Tire & Rubber is seeking an extension from regulators to file its quarterly report. The company said it plans to file the report by mid-June. As reported, the firm last month restated its net income for 1997 through 2003, less 65 million US dollars. Shares closed at 8.22 dollars, down 22 cents.

12th May 2004/by Tyrepress Editors

Analysts Upgrade Nokian

Analysts MorganStanley have upgraded Nokian shares from “Underweight-V” to “Equal Weight-V”. This follows good first quarter financial figures and the company’s reorganised strategy to pursue growth in the Russian tyre market, which involves investing 52 million Euro in building a new factory near St. Petersburg.

11th May 2004/by Tyrepress Editors

VW Recall Hits Shares

VW, which has warned that its 1Q results would be bad, was hit further yesterday when it recalled 870,000 Passats, Audi A6 and A8 models. The worldwide recall is because of a possible fault to the cars’ front axles. The news affected the company’s share price, which at one stage fell by two per cent.

29th April 2004/by Tyrepress Editors

Titan Buys Back Shares

Titan International is to purchase 4.9 million shares of Titan International common stock from Citicorp Venture Capital (CVC). This represents around 23 per cent of the total shares outstanding and the purchase price is US$ 15 million.

26th April 2004/by Tyrepress Editors

VW to buy into Lease Plan

This week Volkswagen announced that it will acquire half of Dutch car lenders, Lease Plan. The remaining 50% will be held by the state-owned Mubadala Development Company, Abu Dhabi and the Greek Olayan Group. The deal, which will cost §1 billion, will see VW reissue 26.3 million treasury shares in order to finance the deal.

22nd April 2004/by Tyrepress Editors

Goodyear Dunlop to purchase Swedish retail chain

Goodyear Dunlop Tires Europe has strengthened its position in Scandinavia with an agreement to buy the outstanding shares of one of Sweden’s major retail tyre groups, Däckia. The company expects to complete the purchase of the chain by the end of June. Goodyear Dunlop currently owns 50 per cent of the shares with the remaining being primarily owned by Procuritas (26%) and Däckia management (24%). Financial terms of the deal were not disclosed. Däckia has more than 60 company owned stores, as well as 31 contract partners in cities throughout Sweden, with annual sales revenue of approximately $65 million. Däckia is widely regarded as one of the most successful tyre retailers in the Nordic Region.

19th April 2004/by Tyrepress Editors

Pirelli Buys Telecom Stake

Pirelli has exercised its option to acquire 0.46 per cent of the capital of Telecom Italia, the telecomunications group. The transaction involves the purchase of over 47 million ordinary shares at a price each of 2.12 Euro.

7th April 2004/by Tyrepress Editors

Amtel to list 40 per cent of shares

Amtel plans a foreign listing of up to 40 per cent of its shares in October next year. Amtel controls a third of the Russian tyre market. The company expects a capitalisation of around 500 million US dollars. Amtel is considering buying a plant in Iran and is looking at expanding in Malaysia. Meanwhile an agreement with Nokian is being dissolved, though the final arrangement between the two has not yet been confirmed.

19th March 2004/by Tyrepress Editors

Goodyear Delays Business Report’s Release

Goodyear Tire & Rubber Co. on Tuesday again said it needed more time to finish a financial report for federal regulators because of its probe of accounting problems at overseas operations. The company said after the markets closed that it would tell the Securities and Exchange Commission that its annual 10-K report will be delayed because of the investigation of accounting problems in Europe and elsewhere. Goodyear shares plunged more than 5.6 percent, or 44 cents, in extended trading Tuesday, after closing at 7.84 dollars, up 26 cents, on the New York Stock Exchange. However, after-hours trade climbed on the news of the delay, rising 3.5 per cent to 8.12 dollars on INET.

17th March 2004/by Tyrepress Editors

Nokian still flying high

When Bridgestone bought 19.6 per cent of the Nokian share capital from the then parent company Nokia for 39.17 Euro per share, paying a total of 78 Million Euros, analysts recommended Nokian shares as “Hold”, saying the fair value was approximately 34 Euro and pointing out that Bridgestone paid a premium on top of this. Investors who did not listen but bought Nokian shares anyway are now much better off. They made a fortune due to the fact that Nokian was able to more than double the share price to the current 71 Euro, giving Nokian a market capitalisation of about 780 Million Euros. Nokian made a turnover of 528.7 million Euro last year and managed an operating profit of 79.1 million Euro, which led ultimately to a net profit of 47.6 million Euro. Nokian Tyres is by far the best earning tyre company in the world.

8th March 2004/by Tyrepress Editors