Tag: shares

Kumho Tire share price rises on acquisition speculation

Tuesday 12th December 2017 | 0 Comments

Could a conglomerate of South Korean interests be looking at acquiring Kumho Tire? According to the Financial Times, local publication the Korea Economic Daily reports that a conglomerate has shown interest in doing just that through a rights offering.

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Suggestion of court receivership -Kumho Tire shares fall 30%

Suggestion of court receivership -Kumho Tire shares fall 30%

Friday 8th December 2017 | 0 Comments

A newspaper report suggesting that Kumho Tire may be placed under a court-led debt restructuring programme prompted an almost 30 per cent drop in the value of shares in the tyre maker yesterday. Reuters writes that, according to an article published by South Korean newspaper Segye Ilbo, main Kumho Tire creditor the Korea Development Bank is considering requesting a pre-packaged restructuring plan. Such a plan may result in Kumho entering into court-administered receivership.

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Pirelli IPO marks landmark in new ownership structure

Pirelli IPO marks landmark in new ownership structure

Monday 4th December 2017 | 0 Comments

If Pirelli’s sale to the ChemChina-led consortium in 2015, along with the legal and integration work in 2016 wasn’t enough, 2017 is proving to have been another complex and busy year for Pirelli. The last 12 months have seen the company pass two key landmarks in its post-acquisition strategy: the separation of the industrial tyre business (including industrial, truck, OTR and agricultural operations) into the new Prometeon Tyre Group in the first part of year; and the successful re-listing of the Pirelli in the autumn. The latest news is that Pirelli’s major shareholder – Marco Polo International - has increased its shareholding in Pirelli following the IPO by exercising a greenshoe option.

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Michelin sells its 40% Double Coin (Anhui) Warrior Tire shareholding

Monday 20th November 2017 | 0 Comments

Michelin has announced the sale of its 40 per cent equity in Double Coin (Anhui) Warrior Tire Co. Ltd. Specifically, as the tyre maker reported today, Huayi Group (Hong Kong) Co., Ltd. will purchase 30 per cent of the equity in the business held by Compagnie Financière Michelin SCmA, and Double Coin Tire Group Co., Ltd. will purchase the remaining ten per cent of the equity, currently held by Michelin (China) Investment Co. Ltd.

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Marco Polo to hold 63% Pirelli share following greenshoe option

Friday 3rd November 2017 | 0 Comments

Pirelli shares that J.P. Morgan Securities plc has partially exercised a greenshoe option in which 18,904,836 shares, an amount equal to around 1.9 per cent of Pirelli’s share capital, were purchased out of a total of 50,000,000 option shares. Upon completion, Marco Polo International Italy S.p.A. will hold 631,095,164 Pirelli ordinary shares, and therefore a 63 per cent share in Pirelli.

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Bridgestone: £859 million invested in share acquisition so far

Wednesday 1st November 2017 | 0 Comments

Last month, Bridgestone Corporation acquired 1.976 million of its common shares. The company reports that the acquisition of these shares cost more than 10.56 billion yen (£70.4 million).

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Watling now 100 per cent owned by directors following restructuring

Watling now 100 per cent owned by directors following restructuring

Friday 20th October 2017 | 0 Comments

Watling Tyres, which has been growing in recent years, has been restructured in moves that sees the directors take over 100 per cent of the company. The firm had previously been 49 per cent owned by universal. Watling Tyres was ranked 19th on Tyres & Accessories’2017 leading UK tyre retailers ranking.

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Reports: Pirelli IPO set for October

Wednesday 6th September 2017 | 0 Comments

Pirelli is set sell up to 40 per cent of its equity capital in an initial public offering (IPO) on the Milan stock exchange in October.

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Goodyear Declares Dividend on Common Stock

Friday 14th July 2017 | 0 Comments

Directors of The Goodyear Tire & Rubber Company have declared a quarterly dividend of US$0.10 per share of common stock. The dividend is payable 1 September 2017 to shareholders of record on 1 August 2017. The payout represents an annual rate of $0.40 cents per share.

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Michelin files tender offer to acquire outstanding SIPH shares

Wednesday 7th June 2017 | 0 Comments

Michelin has filed a draft simplified cash public tender offer with the French securities regulator (Autorité des Marchés Financiers - AMF) through its 99.99 per cent-owned subsidiary Compagnie Financière Michelin SCmA (CFM), acting in concert with the Ivory Coast company SIFCA, to acquire the 1,042,324 shares in Société Internationale de Plantations d'Hévéas (SIPH) not currently held by the concert parties, at a price of €85 per SIPH share.

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Arconic divesting Alcoa Corp. shares in debt-for-equity swap

Friday 28th April 2017 | 0 Comments

Arconic Inc., the company created to house the Alcoa wheel business and other metal manufacturing functions following the separation of Alcoa Inc. into two entities last November, is divesting its stake in the other entity, Alcoa Corporation, which is engaged in the mining and manufacture of raw aluminium. The debt-for-equity exchange of Alcoa Corporation common stock will see 12,958,767 shares swapped for debt held by Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC.

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Bridgestone announces £1.1b share buyback

Friday 17th February 2017 | 0 Comments

Bridgestone Corporation intends to acquire up to 50 million of its shares, or 6.4 per cent of its outstanding treasury stock. In a statement, the company said it would spend up to 150 billion yen (£1.1 billion) in the buyback, which will take place between 20 February and 22 December 2017. The acquired shares, along with a further 20 million shares, will be cancelled, effective 19 January 2018.

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Continental to cut ties with Pakistan’s General Tyre and Rubber

Wednesday 11th January 2017 | 0 Comments

Continental intends to divest its shareholding in General Tyre and Rubber Company of Pakistan Ltd. The company owns a 9.78 per cent share in Pakistan’s largest tyre maker through Continental Global Holding Netherlands B.V., and according a notification sent by General Tyre and Rubber to the Pakistan Stock Exchange, Continental Global Holding Netherlands intends to sell its entire shareholding “as soon as practically and economically feasible.”

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Park Sam-koo, potential suitors ready for Kumho Tire bidding

Monday 9th January 2017 | 0 Comments

A final round of bids for the 42.01 per cent controlling stake in Kumho Tire will be held on 12 January, and according to the Korea Development Bank and other creditors, a shortlist of five preferred bidders are in the running to acquire this share should chairman Park Sam-koo decline a prior offer to match the highest bid and purchase the 42.01 per cent stake himself. The five contenders are Apollo Tyres, Shanghai Aerospace Industry Corp. (SAIC), Jiangsu GPRO Group, Shandong Linglong Tire and Doublestar Tyre.

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Tatneft divests Nizhnekamskneftekhim shareholding

Tuesday 3rd January 2017 | 0 Comments

Russia’s PJSC Tatneft has entered into an agreement to sell its shares in chemical and synthetic rubber manufacturer PJSC Nizhnekamskneftekhim to the Taif group of companies. The transaction, which will see 402,813,999 ordinary shares, is valued at approximately 32 billion roubles (£422.6 million).

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