MUMBAI, India (June 18, 2010)—Goodyear Tire & Rubber Co. has failed in its bid to buy out external shareholders of subsidiary Goodyear India Ltd.
The bid was handled through Goodyear Orient Company (Private) Ltd.
According to a Bombay Stock Exchange announcement, the company wanted to buy about 6 million shares, or 26 percent of the equity. The take-up of the offer was well below the minimum required by Indian regulations, which means no shares were acquired.