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Michelin to buy all shares sold by Double Coin in China venture

Ally Liu From Gasgoo.com| July 20 , 2009 16:05 BJT

Shanghai, July 20 (Gasgoo.com) French tire maker Michelin said last Friday it would take control of Shanghai Michelin Warrior Tire (SMWT) company by purchasing 30 percent stake in the Chinese group that it does not own now

Michelin said that Double Coin Holdings Ltd. will sell the 28.5 percent share it owns in SMWT, and Shanghai Minhang United Development Co., another shareholder, will sell its 1.5% share at the same time.

Michelin plans to purchase all these stakes and turned SMWT into a wholly owned affiliate. SMWT is currently 70-percent owned by Michelin.

Michelin added that it's committed to the Chinese tire industry and to its stakeholders. Double Coin and Michelin will continue to collaborate.

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