Michelin Acquires Further Stomil-Olsztyn Shares

Michelin has acquired a further 7,822,337 shares in Polish tyre maker Stomil-Olsztyn, representing 28.74 per cent of the equity. This means that Michelin now holds 98.

99 per cent of the share capital and voting rights of Stomil-Olsztyn. The price paid was 46.5 Polish Zlotys per share, making the transaction worth 363.

7 million Zlotys (84.8 million Euros). 38 million Euros of this was goodwill, which will be depreciated over 20 years.