Robert Mercer, Goodyear CEO during Goldsmith raid, dies at 96

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AKRON — Robert E. Mercer, who spent more than four decades working for Goodyear and is perhaps best known for fending off a hostile takeover attempt in 1986, died Aug. 28 at his home in Akron of natural causes. He was 96.

Mr. Mercer, whose career at Goodyear spanned 42 years — including six as chairman and CEO — arguably will be most remembered for leading the effort over a two-month period of 1986 to pushing back against a hostile takeover attempt by Anglo-French financier Sir James Goldsmith.

Read the source article at Tire Business

Conti rated as ‘buy’ for ‘best cost base’ in the tyre business

Following comparably strong second-quarter 2020 results, some financial analysts have confirmed their “buy” rating for Continental AG shares. The reason? Ongoing cost-cutting plans as well as “deep restructuring measures”. Writing in an investor’s note published on 7 August, Jefferies equity research suggested Conti’s planned spin-off of its Vitesco powertrain operation plays a key role in this strategy:

Read the source article at Tyrepress

South Korea’s Hankook Tech chairman sells entire stake to younger son; shares rally

The parent of South Korea’s top tyre maker Hankook Tire & Technology said its chairman had sold his stake in the group to his younger son, driving its shares up 30% as investors bet this could lead to a family feud over ownership.

Hankook Technology Group Co Ltd Chairman Cho Yang-rai has sold his 23.59% stake in a block deal to Cho Hyun-bum, who heads the tyre maker, making junior Cho the largest shareholder with a nearly 43% stake in the parent company, a regulatory filing showed on Tuesday.

Read the source article at Stock Market Quotes and News

Finnish tyre maker Nokian Tyres names Moisio as CEO

(Reuters) – Finnish tyre maker Nokian Tyres Plc (TYRES.HE) said late on Tuesday its board has appointed Jukka Moisio as chief executive, taking over from Hille Korhonen, whose three-year tenure was marked by decline of almost 50% in the company’s value.

Moisio, who headed packaging firm Huhtamaki (HUH1V.HE) from 2008 to 2019, will start on Wednesday.

“Jukka Moisio has a proven record in successfully leading stock listed companies and company turnarounds, delivering strong financial performance and shareholder returns,” Chairman Jukka Hienonen said in a statement.

Read the source article at reuters.com

Warburg Pincus acquires first tranche of Apollo Tyres shares

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.

Read the source article at Tyrepress

Insider Buying Reaches a 10-Year High

A quick look at the activity of insiders in the last 30 days gives reason to believe that company executives are betting on the respective companies they represent like never before. This could be an indication of the equity market performance in the coming years. The subject of this analysis is to interpret the current trend of insider buying and selling using empirical evidence.

 

Read the source article at Value Investing

Camfin raising stake in Pirelli

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Milan, Italy – Pirelli shareholder Camfin is looking to raise its stake in the Italian tire maker, which has seen its share-price fall by more than 30% over the last three months.

Camfin board of directors authorised, on 20 March, the acquisition of shares up to a maximum of 1.5% of Pirelli’s share capital, by the end of July.

Pirelli’s shares hit an all-time low of €3.50 on 9 March in Milan as global stock markets grappled with the outbreak of Covid-19.

Read the source article at European Rubber Journal

Hankook board OKs stock buyback, dividend boost

SEOUL, South Korea—Hankook Tire & Technology Co. Ltd.’s board of directors has authorized a plan to buy back up to $43 million of the company’s stock and boost the stock dividend in an effort to enhance shareholder value.

Read the source article at Rubber and Plastics News

Cooper Tire: 4Q Earnings Snapshot

FINDLAY, Ohio (AP) _ Cooper Tire & Rubber Co. (CTB) on Monday reported fourth-quarter net income of $51.3 million, after reporting a loss in the same period a year earlier. The Findlay, Ohio-based company said it had net income of $1.02 per share. The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 67 cents per share.

Read the source article at Yahoo News Phillipines

Goodyear shares tumble as company reports net loss

Akron, Ohio — Goodyear reported double-digit drops in operating income and net losses for the quarter and fiscal year ended 31 Dec 2019, due to higher operating costs, one-time restructuring charges and tax “adjustments.”

Sales revenue was off for both periods as well, dropping 4.2% in the quarter to $3.71 billion (€3.4 billion) and 4.7% for the full year to $14.7 billion.

Read the source article at European Rubber Journal