Fiat and Peugeot’s merger is inevitable, Mitsubishi dealers are very excited about the new Outlander, and Tesla. All that and more in The Morning Shift for December 21, 2020. Reuters had the story in October about the European Union’s final approvals, and Bloomberg says today that the merger officially is good to go. When consummated, FCA-PSA will be the fourth-biggest automaker. It is called “Stellantis” for some reason.
DETROIT (Reuters) – Tesla Inc and Wall Street made 2020 the year that the U.S. auto industry decided to go electric. Tesla’s market capitalization surged above $600 billion, making the once wobbly startup founded by billionaire Elon Musk worth more than the five top-selling global vehicle making groups combined.
BOSTON–(BUSINESS WIRE)–On Friday, November 13, 2020, the Board of Directors of Cabot Corporation (NYSE:CBT) declared a quarterly dividend of $0.35 per share on all outstanding shares of the Corporation’s common stock. The dividend is payable on December 11, 2020, to stockholders of record at the close of business on November 27, 2020.
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.
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:
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.
(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.
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.
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.
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.