NOKIA, Finland—Bridgestone Corp. has reduced its shareholding in Nokian Tyres P.L.C. to 3 percent from 9.96 percent, the Finnish tire maker disclosed recently.
In a transaction concluded Dec. 12, Bridgestone's direct holding in Nokian was reduced to 4.17 million shares. At approximately $28.75 per share, the sale of 9.67 million shares is valued at $269.8 million.
Bridgestone, which has been a Nokian shareholder since 2003 when it acquired an 18.9 percent share, did not comment on its reasons for selling the shares.
Originally, Bridgestone said the two firms would examine ways to complement each other's product development, testing and distribution operations.