Michelin to Take Over Tigar

Serbian tyre company, Tigar, has signed a contract for long-term co-operation with Michelin and the World Bank Belgrade, reports Tanjug News Agency.

Under the contract, Michelin aims to take over 50.6 per cent of Tigar by 2007. By 2010, the plan is for small shareholders to hold only 30 per cent of company shares whilst Michelin will own 70 per cent.