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TomTom shareholders set for 750 million-euro windfall

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TomTom is set to return roughly 750 million euros to its shareholders after the sale of TomTom Telematics to Bridgestone for 910 million euros closed in April 2019. According to the company, TomTom will return the money on 27 May, through a consolidation of shares. Telecom Paper reported that for every 16 shares, nine will remain, resulting in the repayment of 5.74 euros per remaining share. This is said to be equivalent to 3.22 euros per share, based on the number of outstanding shares before consolidation.

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Related news:

  1. Bridgestone buying Tomtom Telematics for 910 million euros
  2. The thinking behind Bridgestone’s TomTom Telematics acquisition
  3. Michelin buys Masternaut
  4. Bridgestone Europe completes acquisition of TomTom Telematics
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Michelin announces 500 million euro share buyback plan

At an investor day held at the Michelin Group’s Almeria Test Center in Spain, managing general partner Florent Menegaux announced the launch of a new share buyback plan. Michelin is setting aside up to 500 million euros for this purpose between 2019 and 2023.

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Related news:

  1. Up to a million shares to be acquired in Michelin buyback
  2. Michelin implements partial share buyback management agreement
  3. Michelin amends share buyback agreement
  4. Michelin cancels treasury shares
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Titan International to repurchase up to $25 million in shares

The Board of Directors at Titan International, Inc. has authorised a share repurchase programme that allows up to US$25 million to be spent buying back the company’s common stock. A committee of directors – Maurice M. Taylor Jr., Paul G. Reitz and Mark H. Rachesky – has been appointed to supervise the repurchase programme.

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  1. Titan International sells Wheels India share
  2. Blackrock increases Titan International shareholding
  3. Mandatory conversion for Goodyear preferred stock
  4. Michelin files tender offer to acquire outstanding SIPH shares
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Goodyear shares fall 12% after trading update

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Goodyear’s share price fell 12 per cent after the company published a trading update with the US stock market Securities and Exchange Commission ahead of Detroit Motor Show presentation scheduled for 15-16 January 2019.

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Related news:

  1. Lehigh expands R&D capabilities
  2. Goodyear charged, fined $16 million over African bribes
  3. Astronomical salaries – merely paid or actually earned?
  4. Goodyear expanding direct online tyre sales across Europe
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Goodyear share price picks up, hedge funds back Goodyear

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Goodyear’s share price picked up by up to 1 per cent during early trading on 12 December 2018, having risen 0.56 per cent by the close of the previous session (up from $21.59 to $21.71). Considering that the value of these shares fell -8.70 per cent during the preceding seven-day period, and experienced a loss of -1.76 per cent over the past 30-day period suggests this is a significant uptick. In addition, when you compare this with the 1.5 per cent one-day drop all tyre majors experienced in October when Michelin warned that demand was softening, it appears that the share price is bouncing back.

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Related news:

  1. Moody’s affirms Goodyear rating, says “outlook positive”
  2. Goodyear to Close Factory in Italy
  3. Analysts Rate Goodyear Shares A “Buy”
  4. Goodyear Stock Plummets following CFO’s Operating Income Q4 Prediction
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Kesoram to spin off Birla Tyres

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On 4 December Kesoram Industries Ltd (part of the BK Birla Group of Companies) announced its intention to demerge its Birla Tyres Ltd business. As a result, Birla Tyres will become a listed company with its own shareholders. The demerger is scheduled for 1 January 2019.

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Related news:

  1. Kesoram to invest almost £30M in PCR tyre production
  2. Linglong market value exceeds RMB 50 billion
  3. Triangle IPO on for early September
  4. Triangle IPO underway
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Mitsubishi becomes Toyo Tire’s largest shareholder – collaboration to intensify

Through a new arrangement with Mitsubishi Corporation (Mitsubishi), Toyo Tire & Rubber (Toyo) aims to “survive and remain viable” during the “unprecedented transformation” currently occurring in the automotive industry. The two parties have entered into a business alliance agreement that involves Mitsubishi increasing its shareholding in Toyo from 3.05 per cent to 20 per cent. Toyo will issue Mitsubishi 26,931,956 new shares via a third-party allotment that will be paid in between 15 January and 28 June 2019. With this share acquisition, Mitsubishi becomes Toyo’s largest shareholder.

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Related news:

  1. Toyo Tire anti-quake rubber controversy sends shockwaves through share price
  2. Toyo Tire & Rubber names new president, chairman
  3. Court dismisses Cooper appeal
  4. Toyo Tires’ tyre business improves in H1 2018, results muted by ‘dampner scandal’
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Were communications issues behind premium tyremakers share price drop?

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Michelin’s predictions that market demand has been tough and will continue to be sluggish till at least the end of the year (see “Michelin predicts significant slowdown in car and truck tyre demand“ for further details) sent shockwaves through the financial markets. Shares started off bad, falling 6 per cent in early Paris trading to a seven-year low, but continued downwards and were down more than 9 per cent by mid-afternoon to 89.54 euros. Ultimately, shares in tyre manufacturers dropped by as much as 10 per cent on the day (Friday 19th October 2018).

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Related news:

  1. Michelin accused of Indonesia natural rubber deforestation “cover-up”
  2. Michelin catering to a proliferation of performance sizes
  3. Michelin adds winter tyre to scooter portfolio
  4. A close technical collaboration – Michelin and the Ferrari 458 Speciale
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Tyre manufacturer share prices fall as demand loses pressure

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Shares in tyre manufacturers dropped by as much as 9 per cent on Friday 19th October 2018, following Michelin reports that third quarter demand was down and that it was not expected to improve in the fourth quarter. Shares fell 6 per cent in early Paris trading to a seven-year low, but continued downwards and were down more than 9 per cent by mid-afternoon to 89.54 euros.

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Related news:

  1. Analysts highlight ‘difference in momentum’ between Continental and Michelin results
  2. Share Movements In The Tyre Industry
  3. Tyre Shares Outperforming Automotive Stock
  4. Kumho takeover implosion isn’t the end of market consolidation attempts
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TVS Tyres participating in subsidiary rights issue

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TVS Srichakra Limited (TVS Tyres) has disclosed its intention to participate in the rights issue offered by its wholly owned subsidiary, TVS Srichakra Investments Limited (TVSSIL). In a notification sent to the BSE today, the Indian tyre maker said it would participate to the extent of its entitlement, which is 409,780 shares for a consideration of Rs 59.9 million (£663,700).

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Related news:

  1. TVS Srichakra selling its share in TVS Europe Distribution Ltd
  2. Toyo Tire anti-quake rubber controversy sends shockwaves through share price
  3. Tatneft divests Nizhnekamskneftekhim shareholding
  4. Apollo Tyres approves £105 million NCB issue
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Doublestar back in pole-position for Kumho purchase

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Having previously been ruled out of the running to buy Kumho Tire, Qingdao, China-based manufacturer Doublestar Tire is once again in pole-position to buy the South Korean tyremaker. “Doublestar Tire is the best option in view of a fast restoration of Kumho Tire and its corporation in China and the minimization of our losses”, Kumho’s creditors said in a widely reported statement.

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Related news:

  1. Doublestar the only bidder left to buy Kumho
  2. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  3. Kumho Tire proposal ‘tentatively’ accepted
  4. Why Doublestar’s Kumho purchase is a good idea
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Vietnam Rubber Group announces IPO

Vietnam Rubber Group (VRG), a state-owned business and country’s largest rubber producer/exporter, is scheduled to launch an initial public offering (IPO) on 2 February 2018 with shares being listed on the Ho Chi Minh Stock Exchange in June or July.

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Related news:

  1. China's Rubber Imports Jump 25% in July
  2. Goodyear to Gain Compensation from Jamaica Subsidiary Liquidation
  3. Cooper uncertainty good for Apollo share price
  4. Triangle to upgrade PCR and TBR production with IPO funds
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