Shares in Japanese tyremaker Sumitomo Rubber fell on Friday after US partner Goodyear said it was dissolving the firms' longstanding alliance over allegations of anti-competitive behaviour. The Tokyo-listed stock finished the morning session down 5.39 percent before recovering slightly to end the day at 1,338 yen ($13), down 3.67 percent. On Thursday, Goodyear's chief financial officer said that Sumitomo was notified last month of its demand to end their 15-year tie-up. "We have learned that (Sumitomo) has engaged in anti-competitive conduct in violation of applicable antitrust law," Goodyear CFO Laura Thompson said during the company's fourth-quarter earnings call. "We concluded that warrants the dissolution of this global alliance." In response, Sumitomo on Friday said it had accepted the decision, but denied the allegations. "There is a difference between the views held by Goodyear and us," it said in a statement, adding that it would "move to resolve the issues". A Sumitomo spokesperson could not be immediately reached. The moves come as the US Justice Department hit Japanese tyre and rubber parts giant Bridgestone with a $425 million fine Thursday for conspiring to fix the prices of rubber parts used in US-made automobiles. The department said Bridgestone pleaded guilty to one felony charge in the federal district court, and agreed to the fine. It was unclear if the allegations against Sumitomo were related to the Bridgestone case. Under their 1999 alliance, Goodyear owns 75 percent and Sumitomo owns the remaining portion of both Goodyear Dunlop Tire Europe and Goodyear Dunlop Tire North America. Under the joint ventures, Goodyear and Sumitomo cooperate in mutually supplying tyres under both companies' brand names. Goodyear filed an appeal for arbitration with the Paris-based International Chamber of Commerce last month to decide on conditions and other details for dissolving the alliance. -- Dow Jones Newswires contributed to this report --
GMT 11:02 2018 Tuesday ,11 December
ASE opens trading on lower noteGMT 15:40 2018 Monday ,10 December
Amman stock market closes trading at JD4.4 millionGMT 19:10 2018 Wednesday ,05 December
Index at Palestine stock market drops by less than one pointGMT 17:58 2018 Sunday ,25 November
Amman stock market wraps up trading at JD2.6 millionGMT 14:24 2018 Thursday ,22 November
Russia’s stock market demonstrates record-breaking figures in 2018GMT 11:45 2018 Tuesday ,20 November
Tokyo stocks close lower as tech issues weigh, Nissan tumblesGMT 15:08 2018 Monday ,19 November
Amman stock market wraps up trading at JD6.1 millionGMT 15:51 2018 Sunday ,18 November
U.S. stocks post weekly losses amid tech shares routMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor