CLERMONT-FERRAND, France (May 6, 2003)—Group Michelin now owns nearly 99 percent of the stock in its Stomil-Olzstyn S.A. subsidiary, having acquired 28.5 percent of shares in the Polish tire maker that it did not already own.
Michelin, through its Compagnie FinanciÃ¨re Michelin unit in Switzerland, paid $95.2 million (46.50 Polish zlotys per share) for the ownership stake. The positive response to the offer—which was about twice the value of a previous offer—should end hostilities between the French group and minority shareholders in Stomil-Olsztyn.
Over the last three years, the Polish-based investors have accused Michelin of running Stomil-Olsztyn for its own benefit and at their expense. Michelin has strongly denied these claims, which have involved several legal actions.