As reported yesterday, Pirelli CEO Marco Tronchetti Provera, whose family holds the largest single stake in the company, plans a full departure from the company, first as CEO and then as shareholder. The only point we can now speculate on is the timeframe this will occur within; Tronchetti says he plans to take this step in 2017.
To mark his upcoming 66th birthday on 18 January, Marco Tronchetti Provera granted German newspaper Frankfurter Allgemeine Zeitung a long interview. During this he shared his intention to step down as Pirelli’s chief executive in the coming two years and subsequently sell the family’s 25.1 per cent share in the company. His three children are following their own paths and anyway it is difficult to inherit the role of business entrepreneur. Until last year, Tronchetti was also engaged in a showdown with the Genoa-based Malacalza industrial family. Tronchetti originally invited the Malacalza family to become investors, but later Tronchetti gained the impression they were trying to oust him. In the course of this struggle Francesco Gori, in charge of Pirelli’s tyre business, lost his job. He now serves as an advisor to Malacalza Investitmenti, which is currently the second-largest Pirelli shareholder but openly interested in expanding its involvement.
While shares in Cooper Tire & Rubber have begun 2014 at roughly the same price they traded for a year earlier after climbing as high as $34.79 and dipping to $20.55 in between, former prospective purchaser Apollo Tyres’ share price has risen to an all-time high following the breakup of negotiations between the two companies […]
Are investors experiencing a case of schadenfreude towards the latest Apollo/Cooper developments? The Apollo Tyres share price took a nose dive following the announcement of plans to acquire Cooper Tire & Rubber, falling from a 52-week high of Rs 101.5 on 8 May to a 52-week low of Rs 54.6 on 21 June. Now, buoyed by speculation that the deal may fall apart, the Apollo share price looks set to rise.
It’s been a year since Continental returned to what it calls the “stock exchange premier league”, and the German firm considers its DAX comeback to have been an “overwhelmingly positive” one. Over the last twelve months the company’s shares have risen more than 54 per cent to €125.55 and even recorded an all-time high of €127.45. And after joining in 22nd position for market capitalisation, the company moved up to 19th place thanks to strong share performance.
At an investor meeting on 20 September, Goodyear Tire & Rubber announced the return of shareholder dividends after an absence of 11 years. The company’s new capital allocation plan calls for the reinstatement of a quarterly cash dividend on its common stock and a $100 million share repurchase programme.
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