Michelin pays €483m to take control of Indonesian tire maker

摘要

FRANCE: Michelin has raised its ownership stake in the Indonesian tire company Multistra-da Arah Sarana TBK to 99.64%, the French tire maker announced 19 June.Michelin acquired an 87.59% stake in the publicly-listed Multistrada in March and launched a public offer for the remaining outstanding shares immediately afterwards.The transaction enabled Michelin to acquire an additional 12.05% of the share capital, bringing the total investment to $545 million(€483 million)for the acquisition.The acquisition provides Michelin with annual capacity of more than 180 kilotonnes of production and strengthens its presence in the fast-growing Indonesian market.It also includes a 20% stake in the Indonesian retailer PT Penta Artha Impressi and 123 acres of available land, Michelin reported in March.