Bridgestone Closes in on Kwik-Fit Purchase
Bridgestone is taking the lead in the race to acquire Kwik-Fit. According to the Financial Times, the Japanese manufacturer has teamed up with Mitsubishi Corporation to bid for Kwik-Fit and has already seen off early interest from Michelin and Wal-Mart. Bridgestone executives have been in London since last month working on their bid. “They are taking it very seriously,” said one person close to the auction. The Japanese group has a strong presence in the US through its Firestone unit, but has long been trying to crack the European market and looked at Kwik-Fit the last time it was on sale.