CLERMONT-FERRAND, France (Nov. 9)—Groupe Michelin has termed as "not accurate" reports from China that it has concluded a joint venture deal with Shanghai Tire & Rubber Co. Ltd. "Michelin and (Shanghai Tire) are in talks and have been for some months now, but there is nothing to report at this time," a spokeswoman said. A ChinaOnline report from late October claimed Shanghai Tire recently had invested $45 million to take a 30-percent share in a 70/30 joint venture with Michelin, and that Shanghai Tire had received $320 million from the French tire group as part of the deal.
Michelin denies China JV reports
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