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Tires and Rubber

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  • *GoPro jumps after forecasts comes in above estimates. April 29- U.S. stock index futures fell further on Wednesday after data showed that the U.S. economic growth stalled in the first quarter and ahead of the outcome of the two-day Federal Reserve meeting. The low-rate environment is a bubble in itself and its like riding a balloon until the pin pops, "said Andre...

  • Goodyear quarterly revenue drops 10 percent Wednesday, 29 Apr 2015 | 8:30 AM ET

    April 29- Goodyear Tire& Rubber Co, the largest U.S. tire maker, reported a 10 percent fall in quarterly revenue, hurt by a stronger dollar that more than offset a rise in shipments. Goodyear reported net income available to shareholders of $224 million, or 82 cents per share for the first quarter ended March 31, largely due to a one-time gain from deferred royalty...

  • Goodyear returns to profit in 1Q, beats forecasts Wednesday, 29 Apr 2015 | 8:24 AM ET

    NEW YORK— Strong performance in North America and a royalty payment helped The Goodyear Tire& Rubber Co. overcome the impact of a strong dollar and beat Wall Street's profit expectations. The Akron, Ohio- based reported first-quarter net income of $224 million, after reporting a loss of $58 million in the same period a year earlier. The average estimate of six...

  • The main SICOM contract has jumped 7 percent since a six-year low of $1.35 a kilogram hit in January, a level that was revisited on April 9, to close on Tuesday at $1.445. Other regional benchmarks have also gained, with the Tokyo Commodity Exchange contract reaching a 5- week closing high on Tuesday of 216.7 yen per kg, while Shanghai futures ended at 14,370 yuan per...

  • *Ericsson, Bilfinger slump; Michelin surges. LONDON, April 23- European shares slipped on Thursday, with Germany's DAX index underperforming following a disappointing purchasing managers' survey while weak results from Ericsson hit technology stocks. Tech shares were hit as telecom equipment maker Ericsson slumped 12 percent after it posted...

  • European shares fall after business surveys disappoint Thursday, 23 Apr 2015 | 4:35 AM ET

    *Ericsson, Bilfinger slump; Michelin surges. LONDON, April 23- European shares gave up early gains on Thursday after a survey showed growth in Germany's private sector slowed and French business activity barely grew in April. Mobile telecom equipment maker Ericsson fell 8.1 percent after saying it expected sales in its main North American market to stay...

  • European shares advance, Michelin leads Thursday, 23 Apr 2015 | 3:18 AM ET

    LONDON, April 23- European shares rose towards 14- year highs on Thursday, with French tyre maker Michelin leading the automobile and auto parts sector higher after announcing its first-quarter results. Shares in Michelin rose 4.7 percent, the top gainer in the pan-European FTSEurofirst 300 index, after its first-quarter revenue rose 5.6 percent, boosted by a...

  • MEXICO CITY, April 22- Goodyear Tire& Rubber Co is planning to spend $550 million on a new tire plant in Mexico, a person familiar with the matter said, the latest in a string of investment pledges in the country's booming auto sector. The Goodyear plant, which will begin operations in 2017, will produce tires primarily for the domestic market, said the person, who...

  • *Bid seen coinciding with Pininfarina shareholder meeting-sources. MILAN, April 20- Indian vehicle maker Mahindra& Mahindra aims to present a formal offer for Pininfarina in time for the Italian car designer's shareholder meeting on April 29, two sources with knowledge of the matter said. Debt-laden Pininfarina, which has a market value of 162 million euros,...

  • *Prime Minister Renzi sees Expo 2015 as "litmus test" for Italy. Italy has had four different governments in the seven years since Milan was chosen to follow the 2010 Shanghai Expo and has undergone its most severe economic crisis since World War Two. "Expo will be the litmus test for the great ambitions which Italy has," Renzi said in a speech in Milan last month to...

  • *Chinese companies snap up $391 bln of foreign assets in decade. HONG KONG, March 27- ChemChina, which could soon face the task of integrating Italian tyre-maker Pirelli after its $7.7 billion bid, can take heart in the knowledge that Chinese buyers have made a decent fist of growing global brands in recent years. Success stories include the landmark 2004 purchase...

  • After dry spell, Italy hails M&A boom Wednesday, 1 Apr 2015 | 11:54 AM ET

    LONDON, April 1- Megers and acquisitions in Italy in the first three months of 2015 are already double the value of such transactions for all of the previous year, with hungry investors encouraged by Prime Minister Matteo Renzi's reforms. Italy was the third most-targeted country in Europe in the first quarter of the year, accounting for 11.6 percent of European...

  • BEIJING, March 29- The chairman of China National Chemical Corp said on Sunday he hopes to re-list Italy's Pirelli on the Italian stock exchange after his firm agreed earlier this month to acquire the world's fifth-largest tyre maker. Ren Jianxin also warned that a counterbid for Pirelli would hurt the Italian firm's investors and long-term strategy.

  • MILAN, March 28- Switzerland's Dufry has agreed to buy a majority stake in World Duty Free in deal which values the Italian firm at 3.6 billion euros and will makes it by far the world's biggest travel retailer. Edizione, the holding company owned by the Benetton family and controlling World Duty Free, said on Saturday it was selling its 50.1 percent stake in the...

  • MILAN, March 26- Italian tyre maker Pirelli has a strong future with owner-to-be China National Chemical Corp and is not talking to others about a possible counterbid, CEO Marco Tronchetti Provera told Reuters in an interview on Thursday. The deal allows the 67- year-old Tronchetti Provera, one of Italy's best-known businessmen who married into the Pirelli...

  • Outbound Chinese buyers confounding the doubters Thursday, 26 Mar 2015 | 5:00 PM ET

    *Chinese companies snap up $391 bln of foreign assets in decade. HONG KONG, March 27- ChemChina, which could soon face the task of integrating Italian tyre-maker Pirelli after its $7.7 billion bid, can take heart in the knowledge that Chinese buyers have made a decent fist of growing global brands in recent years. Success stories include the landmark 2004 purchase...

  • MILAN, March 25- Italian tyre maker Pirelli, which is being bought by China National Chemical Corp, does not plan to pay a special dividend to its shareholders as part of the buyout plan, two sources with direct knowledge of the matter said. ChemChina is to buy into the world's fifth-largest tyre maker in a 7.3 billion-euro deal, agreed with Pirelli's biggest...

  • *China has the capital, Italy the brands- says banker. MILAN, March 23- After years of economic decline, Italy has become a hunting ground for Chinese companies keen to take control of prized but cash-strapped corporate names such as Pirelli, and they are no longer investing from the back seat. "The Chinese have the capital, Italy has the brands, the products and the...

  • *Pirelli rises after takeover bid from ChemChina. LONDON, March 23- European shares slipped from multi-year highs on Monday, with car stocks hurt by a rise in the euro and lingering worries over Greece leading investors to book profits. Traders said that lingering uncertainty over Greece was also pegging back European stock markets.

  • *Agreement is latest Chinese acquisition in Italy. MILAN, March 22 (Reuters)- China National Chemical Corp (ChemChina) is to buy into Pirelli, the world's fifth-largest tire maker, in a 7.1 billion-euro ( $7.7 billion) deal that will put the 143- year-old Italian company in Chinese hands. The deal agreed with Pirelli's top shareholders on Sunday is the latest in a...