PARIS—Group Michelin has denied it has plans to make a bid for Japan's Yokohama Rubber Co. Ltd., but company officials acknowledged Michelin is evaluating various growth options in Asia, including acquisitions. In a move uncharacteristic of Michelin, the company issued a public denial of stories published in European media that it was considering a bid for Yokohama, the world's seventh-largest tire maker, with annual sales of more than $2.3 billion.
The company does, however, plan to grow in Asia. Michelin has been identified by both Kumho Tire Co. and Woosung Industries Ltd. in South Korea as a possible suitor for both of those financially strapped companies.