Apollo Vredestein Banden Buyout Imminent

Apollo’s vice chairman Neeraj Kanwar was quoted today as saying “We are looking at closing this deal [to acquire Vredestein Banden] in the next few days,” a new press release indicates. Indian manufacturer Apollo Tyres expects to acquire Dutch sector player Vredestein Banden for an undisclosed sum soon, according to Dow Jones. The company’s board gave the green light to the buyout, which is part of Apollo’s strategy to expand its presence in Europe, on 30 April.

Vredestein Banden is fully owned by tyre producer Amtel-Vredestein NV. The company went into bankruptcy last month, but its unit Vredestein Banden and its European subsidiaries, which have separate financing arrangements, remained unaffected.