SIBUR subsidiary to merge with European tyre maker

Tag : russian tyre

SIBUR subsidiary to merge with European tyre maker SIBUR Holding is poised to create a special purpose entity (SPE),Tyre Invest, in the near future to carry out a merger between itssubsidiary SIBUR - Russian Tyres and one of the leading Europeantyre producers Amtel-Vredestein N.V., said Mikhail Mikhaylov, theRussian holding's head of corporate policy department. Tyre Investis expected to deal with the signing of all the documents regardingthe deal, according to Mikhaylov. After that, the SPE may sell its60.5-percent stake in the joint venture, or part of it. A mutualfund owned by Gazfond has been named as one of potential buyers ofthe stake. However, none of the parties have made the finaldecision on the sale of the asset, Mikhaylov said.
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