The word in the financial market is that India’s leading tyres maker is likely to close the deal to buy-out Dutch manufacturer Vredestein Banden any day now, according to Dow Jones.
After weeks of speculation and anticipation, the vice chairman of Apollo tyres has been quoted as saying “We are looking at closing this deal (to acquire Vredestein Banden) in the next few days.2
Apollo’s deal to buy the Dutch company for an undisclosed sum has been on the cards for several months as part of its strategy to expand into the European market.
The parties concerned announced recently that they will not be in a position to disclose any further information, including price, until after certain conditions have been met and certain approvals, including regulatory and statutory approvals are granted, wherever required.
Vredestein Barden is fully owned by Russia’s largest tyre producer Amtel-Vredestein NV, which went into bankruptcy last month.
However, the Vredestein Banden and its European subsidiaries all have separate financial arrangements have therefore remained unaffected.
Alex Kapadia, Operations Team