BRUSSELS, Belgium (May 30) — The European Commission has cleared Bridgestone Americas Holding Inc.´s planned $1.05 billion purchase of Bandag Inc., and Standard & Poor´s said it will drop Bandag from its S&P MidCap 400 index.
The EC said the acquisition of the retreading materials and franchise business by Bridgestone won´t impede competition in Europe.
The commission said Goodyear, Michelin and Kraiburg will provide effective competition in the region.
Standard & Poor´s, noting the Bandag ownership change, said S&P REIT Composite constituent Equity One Inc. will replace Bandag on the index.