Michelin not offering more
The French Michelin has said that it will not be increasing its offer for shares in tyre maker Stomil Olsztyn. The French consider that PLN24.50 per share is quite enough considering the book value of the company and should be enough to buy out the minority shareholders.
The offer to buy 10m shares in the company began yesterday and will continue until 15 October.
Small shareholders are believed not to be likely to take advantage of the offer. Piotr Rzeźniczak of Pioneer PPTFI said that the offer was too small. ABN Amro also said that it would not be recommending a sale.
Michelin wants total control of the company and to pull it off the stock market and end problems it has had with minority shareholders.