MILAN (Reuters) – Italian tyre maker Pirelli (PECI.MI: Quote, Profile, Research, Stock Buzz), which is being bought by China National Chemical Corp (ChemChina), 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 ($8 billion) deal, agreed with Pirelli’s biggest shareholders on Sunday, that will put the 143-year-old Italian firm in Chinese hands.
MILAN, March 19 (Reuters) – Shares in Pirelli
jumped as much as 5 percent on Thursday after an Italian daily
said the tyre maker was working on a revamp plan that includes
taking an Asian partner, the launch of a buyout offer and the
de-listing of the group.
According to Corriere della Sera, Pirelli Chairman Marco
Tronchetti Provera wants to bring on board an Asian shareholder
who would launch a buyout of the group together with some of the
company’s current investors. Pirelli would then be de-listed and
its structure would be reorganised, the report added.
GENEVA, March 4 (Reuters) – While southern Europe is
experiencing at best a patchy economic recovery, the outlook for
the region’s car makers is a little less bumpy thanks to the
weak euro, cheaper oil and labour reforms.
At the Geneva auto show, industry executives have warned
against overoptimism about what might yet be temporary windfalls
for Italy, Spain and Portugal, where a six-year slump brought
sales to the lowest in decades.
GENEVA, March 3 (Reuters) – Fiat Chrysler Automobiles (FCA)
could sell more than 10 percent of its
Ferrari subsidiary in a planned initial public offering, with a
view to boosting liquidity in the shares, Chief Executive Sergio
Marchionne said on Tuesday.
Marchionne said in October that he would spin off Ferrari
by selling a 10 percent stake via an IPO and distribute FCA’s
remaining 80 percent stake to its shareholders.
GENEVA (Reuters) – Toyota Motor Corp (7203.T: Quote, Profile, Research, Stock Buzz) expects to grow sales in western and central Europe by up to 2.5 percent this year but remains cautious on the part of the region which includes crisis-hit Russia, the head of its European operations said on Monday.
Didier Leroy said in eastern Europe, which for Toyota includes Russia, Ukraine, Kazakhstan and the Caucasus, the carmaker expects to maintain market share and profitability this year.
ALBA, Italy, Feb 18 (Reuters) – The home of Nutella bid
farewell on Wednesday to Michele Ferrero, who turned a pastry
shop into a confectionery empire and became a rare symbol of
global success despite Italy’s declining economic fortunes.
Ferrero, Italy’s richest man, died on Saturday aged 89 at
his home in Monaco, after months of illness. He was buried in
his home town of Alba in northern Italy, where he took over his
father’s shop in 1949 and dreamt up the chocolate-hazelnut
spread, Ferrero Rocher pralines, Kinder eggs and Tic Tac mints.
MILAN, Feb 14 (Reuters) – Michele Ferrero, Italy’s richest
man and the owner of a global chocolate and confectionery
empire, died on Saturday aged 89, the company said.
His death opens the question of succession and potential
tie-ups at the family-controlled Ferrero group, which has sales
of around 8 billion euros ($9 billion) and continued to grow
through Italy’s longest recession since World War Two.
MILAN, Feb 13 (Reuters) – Ferrari faces a battle to persuade
investors that it should be priced as a high-flying luxury goods
stock, given a carmaker’s margins and the heavy investment
required to make its prancing horse logo a big attraction on
other exclusive lines.
Few would question the business acumen of Sergio Marchionne,
redoubtable chief executive of Fiat Chrysler Automobiles
(FCA) , but his strategy for squeezing every
last drop of value from the listing of the group’s illustrious
Italian sports car brand has certainly raised a few eyebrows.
MILAN, Jan 29 (Reuters) – Tractor and trucks maker CNH
Industrial NV reported a drop in
fourth-quarter operating profit on Thursday as weaker demand for
agricultural machinery more than offset improved results in
Faced with falling grain prices, growers around the globe
are purchasing fewer tractors and harvesters, putting companies
like CNH Industrial under pressure. The group was also hurt by
lower demand for commercial vehicles in Latin America.
MILAN/DETROIT, Jan 28 (Reuters) – Fiat Chrysler Automobiles
expects to turn profits in all regions this
year, but faces pressure to rev up its North American profit
engine to fund an ambitious overhaul of its Alfa Romeo and
For the first time since 2007, the company turned a profit
in Europe in the fourth quarter. The company’s strategy of
retooling idled factories in Italy to export the Jeep Renegade
small sport utility and other vehicles to the United States is
getting a lift from the slump of the euro against the dollar.