NOKIA, Finland — Bridgestone Corp. has reduced its shareholding in Nokian Tyres P.L.C. to 3% from 9.96%, the Finnish tire maker disclosed recently.
In a transaction concluded Dec. 12, Bridgestone's direct holding in Nokian was reduced to 4.17 million shares. At approximately $28.75 per share, the sale of 9.67 million shares is valued at $269.8 million.
Bridgestone, which has been a Nokian shareholder since 2003 when it acquired an 18.9% share, did not comment on its reasons for selling the shares.
Originally, Bridgestone said the two firms would examine ways to complement each other's product development, testing and distribution operations.