Goldsmith Says He Wants to Buy Goodyear : British Industrialist Has Acquired 11.5% of Firm’s Common Stock

British industrialist Sir James Goldsmith has declared his intention to acquire Goodyear Tire & Rubber, but the corporate raider says he will maintain its “core business” and only sell off unrelated assets.

In a 70-page filing with the Securities and Exchange Commission on Friday, Goldsmith said that if he is able to acquire the nation’s largest tire and rubber company, he would focus on “strengthening and improving the company’s core business.”

Goldsmith said, however, that after a detailed review of the company and its assets, he would “determine which assets of the company principally unrelated to the company’s core business should be sold.”

Goodyear contributes more than $6 billion annually to the Akron area’s economy and employs about one of every 16 people in the area.

Holds 11.5% Stake

In the filing, Goldsmith and his various companies claimed to have acquired 11.5% of Goodyear’s stock. Wall Street analysts had speculated he had acquired more than 20%.

Goldsmith, well-known as a corporate raider who dismantles the companies he acquires, met with Goodyear officials on Oct. 27 and Oct. 30.

In a follow-up letter to Goodyear Chairman Robert E. Mercer dated Oct. 31, Goldsmith said, “Our views somewhat diverged on the desirable degree of focusing on the core business. I believe that it is fair to say that you felt that the growth of Goodyear’s other businesses created a good equilibrium for the corporation as a whole, whereas I . . . felt that a greater concentration on the core business would be more beneficial.”

Goldsmith also said in the SEC document that, because of market conditions and the current market price of the shares, he will not “make a tender offer at this time . . . but will continue to evaluate this determination.”

Mercer issued a letter to employees last week announcing the company was taking action to thwart a takeover attempt.

In July, the company adopted a preferred stock purchase rights plan, entitling shareholders to buy one one-hundredth of a new series of preferred stock at an exercise price of $100. The right applies only in the event that an investor acquires 20% or more of the common stock, or tenders an offer for that amount.

On Friday, Goodyear’s common shares closed at $48.68, down 87 1/2 cents on the New York Stock Exchange.