Michelin CGDEB (EU:ML)
Historical Stock Chart
1 Year : From Jan 2019 to Jan 2020
By Stephen Nakrosis
Michelin on Friday said it acquired an 88% stake in Indonesian tire manufacturer PT Multistrada Arah Sarana TBK.
The French company said it paid $480 million for the stake.
Michelin said they are launching a public offer for the remaining outstanding shares of Multistrada.
Michelin said Multistrada generated net sales of $281 million in 2017. As part of the deal, Michelin also acquired a 20% stake in retailer PT Penta Artha Impressi.
--Write to Stephen Nakrosis at firstname.lastname@example.org
(END) Dow Jones Newswires
March 08, 2019 12:20 ET (17:20 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.