MOSCOW (June 4, 2008) — The plan for Amtel-Vredestein N.V. to take over Sibur Russian Tires J.S.C. is still pending after Russia's federal anti-monopoly service requested more time to consider the deal.
A spokesman for Sibur Russian Tires said the application was put forward in April by Amtel-Vredestein as a small legal step on the path to a deal between the two companies. If the anti-monopoly service allows the two companies to join together, then the path is clear for a more complex financial deal. If not, the deal is off, the firm said.
In practice, said the spokesman, the publicly-quoted Amtel-Vredestein would buy the assets of Sibur Russian Tires, but then Sibur Russian Tires would buy sufficient shares in Amtel-Vredestein to give it control in a form of reverse takeover.