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Bumpy roads and leveraged buy-outs – reflections on the Goodyear/Cooper Tire integration

Goodyear’s $2.5 billion-dollar acquisition of Cooper is the biggest tyre industry news story of 2021 so far (click here for detailed analysis of the deal itself). But takeovers – especially those this big – are seldom easy. A large portion of the motivation behind the acquisition is to bolster Goodyear’s position in the high-value 4×4 and SUV tyre segments. So, with this in mind, what kind of terrain is the deal likely to encounter as the two companies make their way towards integration?

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Related news:

  1. Goodyear set to buy Cooper Tire for US$2.5 billion
  2. Cooper shares up 40% following acquisition announcement
  3. Cooper takes suitor Apollo to court
  4. The Goodyear/Cooper combination’s synergies; global headquarters to be in Akron
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Linglong Tire achieves all-time record share price, aims Hubtrac brand at European truck tyre market

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Google Finance

Shandong Linglong Tyre Company’s share price reached a record high of 53.80 yuan on 10 February 2021 just before the Chinese New Year. The price drew back in the days afterwards, but the peak represents an all-time high for Linglong that is over 40 per cent higher than the company’s previous record of 38.18, which was set on 22 July 2016.

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  1. Linglong launches Hubtrac brand tyres in European market
  2. New earthmover tyre shortage predicted
  3. Infinity comments on label, introduces regrooving manual
  4. Magna investing in further warehouse space
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Goodyear and Cooper shares up 30% after takeover news

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Google Finance

Goodyear’s takeover of Cooper Tire has been positively received by the stock markets, with Cooper’s share price jumping 31.8 per cent from 43.81 before the news was announced to $57.75 two days later. Goodyear‘s share price also swelled, up 28.9 per cent from $13.52 beforehand to $17.43 48 hours after the takeover news was released.

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Related news:

  1. Goodyear set to buy Cooper Tire for US$2.5 billion
  2. The Goodyear/Cooper combination’s synergies; global headquarters to be in Akron
  3. Fitch rating affirmation partially affirms Goodyear Cooper acquisition strategic logic
  4. Dunlop Aircraft Tyres confirms sale talks
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Goodyear set to buy Cooper Tire for US$2.5 billion

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The Goodyear Tire & Rubber Company and Cooper Tire & Rubber Company have made “a definitive transaction agreement” that will see Goodyear buy Cooper for roughly $2.5 billion. The combined company will have approximately $17.5 billion in pro forma 2019 sales. Upon closing of the transaction, Goodyear shareholders will own approximately 84 per cent of the combined company, and Cooper shareholders will own approximately 16 per cent.

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Related news:

  1. Goodyear implements direct online sales in US
  2. Dunlop Aircraft Tyres confirms sale talks
  3. Doublestar back in pole-position for Kumho purchase
  4. Cooper takes suitor Apollo to court
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ChemChina entrusts Aeolus with Prometeon Tyre Group shares

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Prometeon share ownership pie chart

Aeolus Tyre Co Ltd and its controlling shareholder, China National Tire & Rubber Co. Ltd (CNRC, which is itself owned by Chinese petrochemical giant ChemChina) executed a “share entrustment agreement” on 30 November 2020. According to the agreement, CNRC will “entrust” its 52 per cent shareholding in Prometeon Tyre Group Srl to Aeolus for three years. But the three-year term will be automatically renewed upon expiry.

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Related news:

  1. Prometeon/Aeolus integration stalls
  2. Pirelli and ChemChina agree closing date, triggering mandatory tender offer
  3. Camfin gains right to buy up to 15% of Pirelli shares
  4. Pirelli: Nokian merger rumours false
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Nynas exits reorganisation

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Nynas

Nynas has exited company reorganisation after Swedish courts confirmed the process is now complete following a creditors meeting. The court’s decision is effective 21 December 2020. After this, Nynas will no longer be limited by reorganisation regulations.

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  1. Nynas exits US sanctions
  2. Bitumina becomes Nynas’ largest shareholder
  3. Nynas considering India expansion
  4. Nynas enters restructuring process
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A quarter of Marangoni Holding shares up for sale

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Shares amounting to roughly a quarter of Marangoni Holding SpA are up for sale in three lots equal to 8.57 per cent (or 16,756 shares) each. The shares, currently held by Ma.Gi.Ma Srl based in Trento, will go to auction on 9 December 2020. The price of base of each lot is 1,423,125.00 euros and therefore a total of 4,269,375 euros.

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Related news:

  1. ChemChina now holds 30% of Pirelli shares
  2. Regulator approves ChemChina/Pirelli offers
  3. Marangoni selling Pneusmarket to Fintyre
  4. Marangoni outsources transport & distribution in Italy to CEVA
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Continental shares set to continue outperforming estimates in 2021 – analysts

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Financial analysts have reiterated their “buy” rating on Continental AG shares, while also raising price target from 150 euros from 123 euros previously. In short, Continental AG is expected to continue outperforming consensus estimates. Writing in an investors note dated 18 November, Jefferies equity research said: “Tyre margins will return to an industry leading greater than 15 per cent in full-year 2021. Conti remains among the least liked stocks in the sector which provides positive surprise potential.”

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Related news:

  1. Analysts highlight ‘difference in momentum’ between Continental and Michelin results
  2. Conti rated as ‘buy’ for ‘best cost base’ in the tyre business
  3. Conti looks back on ‘overwhelmingly positive’ year on the DAX
  4. Aachen tyre plant: Continental blocking potential investors, says union
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Biden bounce helps Japanese tyremaker share prices

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Shares in Japanese firms hit a 30-year high after Joe Biden was named as the president-elect of the US in a phenomenon being called the “Biden bounce”. Tokyo’s Nikkei index rose 2.6 per cent when the market opened on 9 November. It closed up 2.1 per cent at a level not seen since 1991.

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Related news:

  1. Zhongce Rubber enters global top ten tyre manufacturers
  2. Giti enters the top 10 of leading tyre manufacturers
  3. Toyo sells half its Bridgestone shares
  4. Pirelli, Hankook continue close rivalry in list of Leading Tyre Manufacturers
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Nokian Tyres’ former board face insider trading charges

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Nokian Tyres

Nokian Tyres 2015-2016 board members are facing insider trading charges and the company faces a fine of up to 850,000 euros. At least that’s what the public prosecutor in Finland is demanding.

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  1. Michelin releases statement on tyre testing and transparency
  2. Tax bill: Nokian Tyres wins appeal
  3. Nokian Tyres: Test rigging case referred to Prosecutor’s Office
  4. Prosecutor pressing charges against former Nokian Tyres employees
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Michelin/Enviro agreement expected in 4Q 2020

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Scandinavian Enviro Systems (publ) and Michelin expect the final agreement regarding their strategic partnership will be reached during the fourth quarter 2020 rather than at the end of October, which Enviro previously communicated. The coronavirus pandemic is cited as the reason for the delay in negotiations.

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  1. Enviro completes Michelin share offer
  2. Enviro and Michelin extend strategic partnership letter of intent
  3. Enviro: Improved tyre pyrolysis market will help revenues
  4. Pyrolyx withdraws from Australian and German stock markets
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Georg Brunstam appointed president and CEO of Hexpol

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Hexpol AB (publ) has appointed Georg Brunstam as president and CEO of Hexpol AB (publ) effective 20 November 2020. Georg Brunstam is currently chairman of the Board for Hexpol AB (publ) and had previously been President and CEO for Hexpol AB (publ) 2007-2017.

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  1. Hexpol buys Berwin Group for £25 million
  2. Hexpol buys Trelleborg’s Czech compounding unit for 65 million euros
  3. Hexpol buys Preferred Compounding for $232 million
  4. Bloom named president Hexpol Compounding Americas
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Michelin accused of Indonesia natural rubber deforestation “cover-up”

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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.

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

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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.

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

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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.

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  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
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