QUINCY, Ill. (Sept. 11, 2008) — Titan International Inc. has ended discussions to potentially buy back up to all of the outstanding shares of Titan Europe P.L.C.
On April 12, Titan filed a preliminary proxy with the U.S. Securities and Exchange Commission about a potential offer for an exchange of stock to be made with Titan Europe for all or a partial amount of 51 percent of Titan Europe's outstanding shares.
Titan International's board of directors notified Titan Europe Sept. 10 of its plans to end the discussions.
Titan said it “continues to focus its efforts on production of its new 57- and 53-inch giant steel-belted radial tires.”
Titan International spun off Titan Europe in 2004, but it kept a 30-percent stake in the company. Titan Europe issued more shares in 2005, which decreased its former parent's stake to 15.4 percent. In 2006 a wholly owned subsidiary of Titan bought 1.8 million shares of Titan Europe, bringing Titan's stake to 17.3 percent.
Titan Europe is engaged in making wheels and undercarriage assemblies for heavy-duty equipment, reporting sales of $330 million for the first half of 2008.