Shareholders at the Annual Meeting of Compagnie Générale des Établissements Michelin on 13 May voted in favour of splitting the par value of the Michelin share into four. Michelin explains that this decision is linked to the 66 per cent rise in the share price between 31 December 2018 (€86.70) and 31 December 2021 (€144.15).
Tyrepress has learned from people familiar with the matter that the shareholding of Shandong Yongsheng Rubber Group Co., Ltd. has changed recently. After the equity change, Tian Xiuzhen held 50 per cent and became the group’s major shareholder. Liu Zijun and Liu Huiqin each own 25 per cent of the shares.
Nynas has settled payments to trade creditors with claims remaining, after receiving an initial payment of 100,000 Swedish krone each following the completion of Nynas’s company reorganisation in January 2021. According to a statement published by the speciality oil refiner and supplier on 19 January 2021, those actions are “in accordance with the composition agreement between all creditors and as decided by the District Court of Södertörn”.
Hitachi is selling around half its 51 per cent shareholding in Hitachi Construction Machinery Co Ltd for 200 billion yen (£1.271 billion; 1,524 billion euros; US$1.7 billion) to Kwik-Fit’s owner Itochu and investment fund Japan Industrial Partners, according to reports published by Nikkei on 13 January 2022. Itochu confirmed that it is “considering this matter”, but declined to give further details later the same day in a statement that read:
What a difference a month makes. Titan International shares are trading 49 per cent higher now than they were before Christmas. The difference? The news that competitor Trelleborg is in talks with “external parties” relating to the sale of its Trelleborg Wheel Systems (TWS) industrial/OTR tyre business and subsequent market comments publish by Titan chairman Morry Taylor.
Bridgestone Corporation has applied to have its shares delisted from the Nagoya Stock Exchange. Explaining the rationale behind this move, the company notes that it is currently listed on three stock exchanges in Japan – Tokyo, Nagoya and Fukuoka. In order to reduce the management costs and streamline management operations related to duplicate listings, it has decided to delist from the Nagoya Stock Exchange.
After a turbulent few years, tyre industry supplier, Nynas AB has changed hands again signing a binding agreement with an investment vehicle managed by Davidson Kempner Capital Management LP for the acquisition of the entire equity stake (49.9%) in Nynas from Bitumina Industries Limited, making it the largest individual shareholder of Nynas.
Camfin S.p.A. (Camfin) and Longmarch Holding S.à.r.l. (Longmarch), an investment vehicle owned by the Chinese Niu family which owns Chinese tyremaker Hixih, have entered into an agreement concerning the acquisition of shares in Camfin shareholding by Longmarch. The agreement represents the fulfilment of an April 2020 accord between Camfin and Longmarch, which included a call option for 4.89 per cent of Pirelli and means Camfin now owns 14.1 per cent of Pirelli.
Following the news that it is raising money to fund the cash part of its takeover of Cooper Tire, The Goodyear Tire & Rubber Company announced that it has priced its private offering to eligible purchasers of $850 million aggregate principal amount of senior notes due 2029 and $600 million aggregate principal amount of senior notes due 2031.
The Goodyear Tire & Rubber Company commenced a private offering of US$1.45 billion aggregate principal amount of 8- and 10-year senior notes on 13 May 2021.
With the confirmation of its 197th consecutive quarterly dividend (announced on 6 May 2021), Cooper Tire & Rubber reiterated its position as one of the most consistent dividend-payers out there. However, this time the normally prosaic dividend payment announcement statement was spiced up by a single condition.
Cooper shareholders approve proposed merger with Goodyear Cooper Tire & Rubber Company’s stockholders have voted overwhelmingly to approve the planned merger with The Goodyear Tire & Rubber Company. The vote was held at a special meeting of Cooper stockholders today. Cooper reports that approximately 99 per cent of votes cast were in favour of the transaction. Read our coverage of Goodyear’s acquisition of Cooper here, or in our special 12-page e-paper supplement.
With the addition of the Cooper Tire business, Goodyear will return to the global number three ranking in passenger car and light truck (PCLT) tyre volumes in 2021. After previously holding the clear number three ranking behind the world’s largest tyre manufacturers, Bridgestone and Michelin, Goodyear was joint third with Continental in both 2017 and 2018. In 2019, Goodyear fell behind Continental to fourth position in 2019 and 2020. Working on a pro forma basis combining original equipment and replacement market tyres, Astutus Research data reveals some interesting facts about the nascent conjoined organisation, with reference to their largest tyre business segment in terms of volume.
Nynas
Hitachi Construction Machinery (Europe) NV
Goodyear
Nynas
Pirelli