News in brief

DETROIT: Troubled Goodyear Tire & Rubber Co, which last week reported one of the largest quarterly losses in its history, has sold most of its stake in Sumitomo Rubber Industries Ltd for US$83.4mil and said it would use most of the money to pay down debt. 

Goodyear had in 1999 bought 10% of Sumitomo as part of an alliance. Its sale of 20.8 million Sumitomo shares has reduced its stake to 1.5%. Sumitomo is said to have bought all but 500,000 of the shares sold by Goodyear. – Reuters 

SYDNEY: Australia & New Zealand Banking Group (ANZ), said yesterday it may buy up to 20% of the Thai Military Bank (TMB) to extend its reach into Asia. 

“Discussions are at an early stage and involve a possible 10% to 20% shareholding in TMB. No agreement has been reached at this stage,” ANZ said in a statement. Buying a 10%–20% stake in Thailand’s sixth largest bank may cost ANZ between A$150mil and A$250mil, a source familiar with the deal said. 

TMB, which is 49% owned by the Thai Ministry of Finance and controlled by the country’s military, needs new capital after racking up hefty loan losses last year. – Reuters 

 

Goodyear had in 1999 bought 10% of Sumitomo as part of an alliance. Its sale of 20.8 million Sumitomo shares has reduced its stake to 1.5%. Sumitomo is said to have bought all but 500,000 of the shares sold by Goodyear. – Reuters