Goodyear takes back Cooper tires

Posted on Feb 22, 2019 2021 at 16:32Updated Feb 22, 2019 2021 at 17:47

The beginning of the big maneuvers in the tires? Goodyear, one of the top three manufacturers in the world (along with Michelin and Continental), announced Monday the acquisition of compatriot Cooper, for $ 2.8 billion. The American signs the first large-scale acquisition of the year in a sector plagued by restructuring at the end of a particularly difficult year 2020.

Cooper shareholders will be remunerated in cash and shares, for a total value of $ 54.36 per share, a 24% premium over the closing price on Friday. Goodyear, which has a comfortable level of liquidity – $ 5.4 billion at the end of the fiscal year ended December 31 – will finance the operation with debt, the group said in a statement. This should be finalized in the second half of 2021, subject to obtaining the green light from the authorities.

Leave a Reply

Your email address will not be published. Required fields are marked *