CLERMONT-FERRAND, France (May 6)—Groupe Michelin now owns nearly 99 percent of the stock in its Stomil-Olzstyn S.A. subsidiary, having acquiring 28.5 percent of shares in the Polish tire maker that it did not already own. Michelin, through its Compagnie Financiere Michelin unit in Switzerland, paid $95.2 million ($12.32 per share) for the ownership stake. The positive response to the offer—which was about twice the value of a previous offer—should end hostilities between the French group and minority shareholders in Stomil-Olzstyn. Over the last three years, the Polish-based investors have accused Michelin of running Stomil-Olzstyn for its own benefit and at their expense. Michelin always has strongly denied these claims, which have involved several legal actions.
Michelin now owns about 99 percent of Polish subsidiary
Rubber & Plastics News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].