Goodyear Tire up after report of Yokohama's plans to buy co's unit

Yokohama Rubber Co

10/07/2024 19:16

(updates)
    ** Shares of Goodyear Tire & Rubber Company  GT.O  rise 4.4%
to ~$11
    ** Japan's Yokohama Rubber  5101.T  in talks to buy tire
maker's off-road tire business for at least $1 bln - Bloomberg
News
    ** Yokohoma Rubber confirms it is considering buying the
business, did not provide more details
    ** Bid size could be up to $1.5 bln, according to report
    ** GT faces increased competition from cheaper Chinese
rivals, along with scrutiny from regulators on pollution
concerns
    ** Co announced restructuring plans last year in November to
raise at least $2 billion
    ** Four of 10 brokerages rate the stock "buy" or higher and
six "hold"; their median PT is $14 - LSEG 
    ** Up to last close, GT down 26% YTD vs 22.77% rise in
Nasdaq  .IXIC 

 (Reporting by Nikhil Sharmaand Aishwarya Jain in Bengaluru)
 ((Aishwarya.Jain@thomsonreuters.com;))