Michelin seeks 100% control of Stomil-Olsztyn

CLERMONT-FERRAND, France (April 24)—Groupe Michelin has launched a $94 million bid to acquire the 30-percent share in its Polish subsidiary Stomil-Olsztyn that it currently does not own. Launched April 15, the bid by group affiliate Compagnie Financiere Michelin will run until the end of the month. It carries an offer price of $11.92 for each of the 8.1 million outstanding shares. The offer signals a renewed determination by Michelin to end a three-year dispute with other Stomil-Olsztyn investors, who have been hostile to Michelin's running of the company. The French group previously had offered to buy out the minority shareholders for just $6.30 per share. The planned shares acquisition "is part of the process to optimize and simplify group structures," said a Michelin statement.