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Apollo Tyres to buy 100-pc stake in Netherlands-based co

Posted on: Thu, 30 Apr 2009 00:44:00 EDT

Symbols: APTYF

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New Delhi, Apr 29, 2009 (Asia Pulse Data Source via COMTEX) --
APTYF | Quote | Chart | News | PowerRating -- Tyre maker Apollo Tyres today said it will acquire 100 per cent stake in Netherlands-based passenger tyre manufacturer Vredestein Banden BV (VBBV).

The domestic tyre major has received approval from the trustee in bankruptcy at Almelo Court in the Netherlands for the acquisition, the details of which would be revealed later after getting necessary approvals, Apollo Tyres said in a statement.

"Apollo Tyres' Board of Directors today gave their approval to the management to proceed with requisite approvals and compliances on the acquisition of VBBV," it added.

VBBV is a wholly-owned subsidiary of the largest Russian tyre manufacturer Amtel-Vredestein NV (AVNV), which has been facing financial crisis with shareholders suggesting filing for bankruptcy.

Earlier this month, AVNV had applied at the Dutch courts for suspension of payments.

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