A job well done may be its own reward, but sharing the resulting profits benefits both employee and employer. This seems to be a principle that Michelin understands well, as the tyre maker has announced its ‘Bib’Action’ employee share ownership plan. Open to 120,000 members of its workforce, Michelin says this latest initiative illustrates its determination to “have its employees collectively rank among its main shareholders.”
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.
The Yokohama Rubber Co., Ltd. has expressed pride in its inclusion in two stock indices that focus on companies with strong Environmental, Social, and Governance (ESG) practices – the FTSE4Good Index Series and the FTSE Blossom Japan Index. This is the 16th consecutive year that Yokohama Rubber has been included in the global FTSE4Good Index Series, and the company considers its continued selection further confirmation that its ESG activities and disclosure practices “meet the highest global standards.” It is also the fourth year in a row that Yokohama Rubber has appeared on the FTSE Blossom Japan Index.
Warburg Pincus is now a shareholder in Apollo Tyres Ltd. During a meeting yesterday, the tyre maker’s Committee of Directors – Private Placement allocated Emerald Sage Investment Ltd., an affiliate of the private equity firm, 54,000,000 compulsorily convertible preference shares. Emerald Sage paid a total of Rs s. 5,400,000,000 (£57.56 million) for the shares in this first tranche transaction, or Rs 100 each.
At a meeting held on Friday, Apollo Tyres Ltd.’s Board of Directors approved the issue of Rs 10 billion (£105 million) worth of non-convertible debentures (NCBs) via a private placement. The NCBs will be issued in one or more tranches according to the limits approved by shareholders at the tyre maker’s Annual General Meeting on 31 July 2019.
Braking systems company Brembo S.p.A. has announced that it holds an interest in consumer tyre manufacturer and fellow Formula 1 supplier Pirelli. As of 31 March 2020, Brembo holds a 2.43 per cent stake in Pirelli, both directly and through its parent company Nuova FourB.
Private equity firm Warburg Pincus is investing around £117 million in Apollo Tyres via a subsidiary. On 26 February, the tyre maker’s Board of Directors approved the issue of up to 108 million compulsorily convertible preference shares, each with a face value of Rs 100, to Emerald Sage Investment Ltd. The transaction is subject to shareholder and regulatory approvals.
According to a statement filed with the Securities and Exchanges Commission in the USA, investment management firm BlackRock Inc. has increased its shareholding in Titan International from 12.94 per cent to 14.0 per cent. The Schedule 13G form states that BlackRock now owns 8,428,280 shares in Titan International, an increase of 8.16 per cent over the shareholding it previously reported.
Bridgestone reports that it yesterday completed the cancellation of Treasury Stock pursuant to Article 178 of the Companies Act, a measure decided upon at a meeting of its Board of Directors on 15 February 2019. A total of 47,838,200 common shares have been cancelled, 6.8 per cent of issued shares.
Directors of The Goodyear Tire & Rubber Company have declared a quarterly dividend of US$0.16 per share of common stock. The dividend is payable 2 March 2020 to shareholders of record on 3 February 2020. The payout represents an annual rate of 64 cents per share.
An investment services provider has been called upon to implement the share buyback programme authorised by Michelin at its Annual Shareholders Meeting on 17 May 2019. An agreement to this effect was signed on 7 January 2020.
Bridgestone Corporation has significantly reduced its shareholding in Nokian Tyres. In a stock exchange release, the Finnish tyre maker reports that, as of 12 December 2019, Bridgestone’s shareholding has decreased from 9.96 per cent to 3.0 per cent. Bridgestone now holds 4,167,653 shares in Nokian Tyres.
Michelin – Compagnie Générale des Etablissements Michelin, to use the company’s full name – has decided to cancel 1,345,821 treasury shares, representing 0.75 per cent of the total shares outstanding. As indicated in a Euronext notice last week, the effective date of the resulting capital reduction is 9 December 2019.
Michelin intends to acquire all shares in Société Internationale de Plantations d’Hévéas (SIPH) not already owned by itself or Ivory Coast-based company SIFCA. It is launching a public buyout offer on 7 November, offering 85 euros per share. This buyout offer is being made exclusively in France and will be followed by a squeeze out.
Titan International, Inc. has reduced its shareholding in steel wheel manufacturer Wheels India Limited. It sold, via a wholly-owned subsidiary, a 10.4 per cent stake in Wheels India on 3 October, thereby dropping its share in the company from 34.2 to 23.8 per cent. Titan International intends to use the net proceeds of approximately US$19 million received from the transaction to pay down outstanding indebtedness.
