Pirelli, IPIC Both Deny Conti Tire Interest - Tire Review Magazine

Pirelli, IPIC Both Deny Conti Tire Interest

Does anyone want a tire company? Based on separate news reports from Europe, the list of possible suitors got shorter.

Pirelli SpA chairman Marco Tronchetti Provera yesterday said his company is not at all interested in buying even a portion of Continental AG’s tire business. Tronchetti Provera made the comment during a press conference to present the company’s business plan, which, apparently, includes taking on 400 billion euros in capital for its real estate operations.

In the Middle East, Abu Dhabi government-owned International Petroleum Investment Company (IPIC) yesterday denied it was taking a stake in Schaeffler AG, Conti’s financially strapped parent.

"This speculation (of IPIC investing in Schaeffler/Continental) has surfaced recently in the German media. We are quite surprised that this has arisen at all," IPIC Managing Director Khadem al-Qubaisi said in a statement.

"There has been no contact between IPIC and either Schaeffler or Continental, nor does IPIC intend to open a dialogue with either company, so there is no truth whatsoever to this rumor," he said.

Separately, the German government, which has twice rebuffed Schaeffler’s attempts at financial help, apparently has reconsidered, as long as Schaeffler agrees to a reorganization plan.

“When there is such a plan, there will be further negotiations,” Steffen Moritz, a spokesman for the Berlin-based Economy Ministry, said yesterday. Schaeffler hasn’t yet submitted a proposal on how it would use government money, he said.

Schaeffler is reportedly preparing a business plan in consultation with banks and will present it to the government in coming weeks. (Tire Review/Akron)

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