WARSAW, Poland (Feb. 12)—BRE Bank has sold its 5.9-percent stake in Stomil Olsztyn S.A. to shareholders who are suing majority owner Groupe Michelin over its management of the Polish tire maker. The unnamed buyers represent institutions from within the minority shareholders "alliance," said a spokesman for the investors. BRE Bank's exit strengthens the alliance opposed to Michelin's running of Stomil, he said. BRE Bank, which acquired the shares in a public tender offer launched by Michelin last September, was seen as a short-term shareholder in Stomil, a spokesman said in a written statement. The shares now are held by pension and mutual funds and will be held "for as long as it takes to see what they consider the stock's fair fundamental value," he said.
Michelin opponents raise stake in Stomil Olszyn
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