Amtel-Vredestein Concede Conti Deal is Over

Amtel-Vredestein N.V. has confirmed that talks regarding cooperation in Russia with Germany’s Continental AG have been suspended.

The company further announced that it will consider opportunities to reduce its debt including attracting equity participation in, or spinning off, its AV-TO subsidiary, Russia’s leading auto parts tyre distributor and number one tyre retail centres network.

Germany’s Frankfurter Allgemeine newspaper had previously published the comments of an unnamed member of Continental AG’s board, who said that the “deal has died for now.”