05:09 AM EDT, 07/11/2024 (MT Newswires) -- (Updates with response from Yokohama in the second paragraph.)

The Goodyear Tire & Rubber Company ( GT ) is considering selling its Off-the-Road tire business to Yokohama Rubber for at least $1 billion, Bloomberg reported, citing people familiar with the matter.

In an email to MT Newswires, Japan's Yokohama Rubber said it is pondering an acquisition. "While it is true that we are considering this matter, no decision has been made at this time," the company said.

Yokohama Rubber is among the only remaining suitors, valuing the business at $1 billion to $1.5 billion, Bloomberg reported the sources as saying.

Yokohama is in discussions with banks to line up financing, Bloomberg reported.

Goodyear did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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