Zenises Group CEO, Harjeev Kandhari has denied rumours emanating from the Spanish market that Chinese tyremaker Doublestar has bid as much as 250 million euros for the company. Doublestar and Zenises entered into a European joint venture in October 2016.
Seoul – Following months of debates and dispute over trademark rights and price tag, China’s Qingdao Doublestar has agreed to cancel a deal to buy a 42.01% stake in South Korea’s second tire-maker, according to the Korean news agency Yonhap.
As reported by ERJ, after months of disputes over trade mark rights, Doublestar, in August, asked for the price tag to be reduced to 800 billion won, from the original 955 billion won (€778 million) agreement signed in March.
MILAN (Reuters) – Italian tyremaker Pirelli, bought by state-owned China National Chemical (ChemChina) two years ago, will sell up to 40 percent of its equity capital in an initial public offering as it plans to return to the Milan stock exchange in October.
The relisting of the world’s fifth-largest tyremaker will test demand for a streamlined firm that focuses on high-end consumer tyres, after the company’s less profitable truck and industrial tyre business was folded into a unit of ChemChina[CNNCC.UL].
A confidential study prepared by analysts at Banca IMI, one of the global coordinators for the IPO, valued the group’s equity at between 7.6 billion and 8.7 billion euros ($9 billion – 10.4 billion).
FRANKFURT (Reuters) – German industrial group Siemens has agreed to buy Dutch self-driving software specialist Tass International for an undisclosed sum to strengthen its automotive business, it said on Wednesday. Tass makes software that can simulate complex traffic scenarios, validate autonomous driving and advanced driver assistance systems and replicate the impact of a car crash on a human body.
Kumho Asiana chairman Park Sam-koo may soon be back in the running to acquire a 42.01 per cent stake in Kumho Tire.
The South Korean tyre maker’s creditors met yesterday to discuss Qingdao Doublestar Tire’s official request for a 16.2 per cent discount. Main creditor Korea Development Bank and the other creditor banks will decide by the end of this week whether or not they’ll approve Doublestar new asking price of KRW 800 billion (£544.6 million) instead of the previously agreed KRW 955 billion.
Seoul – Kumho Tire creditors, led by the Korea Development Bank (KDB), have announced that they will accept a proposal by chairman of Kumho Asiana Group Park Sam-koo to end a dispute over the sale of a 42.01% share of the tire company to China’s Qingdao Doublestar Tyre Co.
According to local press, the KDB announced on 26 July that creditors will accept the proposal by Park to pay 0.5% of sales as the trademark royalties for 20 years.
SEOUL, South Korea, July 19, 2017 /PRNewswire/ — Nexen Tire, a leading global tire manufacturer and Mubadala Investment Company (Mubadala), the Abu Dhabi strategic investment fund, today signed a Memorandum of Understanding to explore strategic partnership opportunities. Mubadala has made a direct investment into Nexen as part of the agreement.
Nexen Tire is one of the fastest growing companies in the automotive industry, with a compounded annual growth rate of 15% over the past ten years. The company sells 40 million tires to more than 140 countries annually, with more than 4 million tires sold throughout the Middle East.
Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO of Mubadala, and Travis Kang, CEO of Nexen Tire, signed the MOU in Abu Dhabi on July 19th.
SoftBank and General Motors are among a group of companies that invested $159 million into U.S. driverless car start-up Nauto on Wednesday. Palo Alto, CA-based Nauto makes cameras that sit inside of the car pointing at the driver, and outside of the vehicle looking at the road. They can track driver behavior in real time, and know if they are distracted. It uses computer vision, which is a form of artificial intelligence, to capture and process all of the data.
Blog This Trinseo (NYSE: TSE), a global materials solutions provider and manufacturer of plastics, latex binders and synthetic rubber, today announced that it has completed the acquisition of API Applicazioni Plastiche Industriali S.p.A. (API). The transaction includes API’s manufacturing and research facility at Mussolente, Italy, and all of API’s business, employees and assets. The API management team and employees are now part of Trinseo’s Performance Plastics business.
Another acquisition for Continental. Days after the German company reported taking a minority share in French autonomous driving company EasyMile SAS, it announced it has finalised its acquisition of Singapore based mobility intelligence provider Quantum Inventions. Continental hasn’t disclosed how much it paid for the firm.
Quantum Inventions will add to Continental’s growing intelligent transportation systems portfolio with its city data including next generation navigation systems that are highly responsive to real-time information such as traffic data, road incident information and dynamic road pricing. With the closing, Continental welcomes around 120 employees working across Quantum Inventions’ three offices in Singapore, Malaysia and Indonesia; and Quantum Inventions Development Centre (QIDC) in India into its fold.
“Asia continues to play an ever-increasing role in our strategy,” states Helmut Matschi, head of Continental’s Interior division. “Initiatives such as the Park & Go real time parking application for Singapore, our recent joint venture with China Unicom, strategic cooperation with Baidu, and now the purchase of Quantum Inventions underline our focus on developing mobility services solutions. We are excited to provide an expanded portfolio of customised solutions in the dynamic mobility services market.”