Goodyear (GT), Cooper Tiire (CTB) Up as Rosneft Takes Stake in Pirelli
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The Goodyear Tire & Rubber Co. (NYSE: GT) and Cooper Tire (NYSE: CTB) are positive Monday following industry M&A activity.
Russia's OAO Rosneft said it reached an agreement with international consortium composed of Unicredit Bank, Intesa Banking Group, and Clessidra Fund for purchase of 50 percent share of the company holding 26.19 percent of Pirelli & C. S.p.A. stake. The puts Rosneft with a 13.095 percent position in Pirelli.
The transaction will be carried out at a value of €12 per share subject to mechanisms for corporate cooperation with possible creation of a separate legal entity. The parties will sign final agreements subject to Italian, European, and Russian Law. Total cost is estimated at €500 million.
Implementation of this agreement will tighten business relationships between Rosneft and Pirelli & C. S.p.A. under terms of agreements previously reached and implementation of plans of the companies for extension of joint international projects.
Russia's OAO Rosneft said it reached an agreement with international consortium composed of Unicredit Bank, Intesa Banking Group, and Clessidra Fund for purchase of 50 percent share of the company holding 26.19 percent of Pirelli & C. S.p.A. stake. The puts Rosneft with a 13.095 percent position in Pirelli.
The transaction will be carried out at a value of €12 per share subject to mechanisms for corporate cooperation with possible creation of a separate legal entity. The parties will sign final agreements subject to Italian, European, and Russian Law. Total cost is estimated at €500 million.
Implementation of this agreement will tighten business relationships between Rosneft and Pirelli & C. S.p.A. under terms of agreements previously reached and implementation of plans of the companies for extension of joint international projects.
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