Japan’s Yokohama Rubber eyes Goodyear’s tire business

Japan’s Yokohama Rubber is reportedly in negotiations to acquire Goodyear Tire & Rubber’s off-road tire business for at least $1 billion, according to a Bloomberg report on Wednesday.

The news triggered initial jitters in Yokohama Rubber’s stock price, which plunged as much as seven per cent before partially recovering to close the day down 4.5 per cent.

Yokohama Rubber has not yet commented on the report.

Attribution: Reuters