MOSCOW, Russia - Tyre manufacturer Amtel is again negotiating the sale of its Dutch subsidiary Vredestein. Last summer an announced take-over of the whole Amtel-Vredestein group by the Russian petrochemical giant Sibur was cancelled. This time things look for the better as Amtel-Vredestein is currently negotiating with several potential investors.
According to the Vredestein MD Rob Oudshoorn the acquisition will be finalized during the first quarter of 2009. “We have high expectations about the deal. It is important for us to have a new owner quickly. The uncertainty is not good for our market position.”
Turbulent years
Oudshoorn is looking forward to a stable majority shareholder after several turbulent years as Amtel-Vredestein. The Russian part of the company is facing serious financial problems and organized an auction last December to sell the profitable Dutch subsidiary Vredestein. At the moment a due diligence is taking place.
Rob Oudshoorn and the other Dutchmen Kees Hettema and Marc Luyten have stepped back as members of the board of directors of Amtel-Vredestein in order to avoid a clash of interests during the take-over negotiations.
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