Update: Fenner acquisition finalised

Clermont-ferrand, France — Group Michelin has finalised its acquisition of Fenner PLC and named Fenner’s chief financial officer as the CEO of the new wholly owned subsidiary.

The deal became official 31 May after Fenner shareholders nearly unanimously approved the acquisition on 16 May, followed by court approval during a 25 May hearing.

Under the agreement, each Fenner shareholder will receive about $8.13 (€6.96) per share on or before 14 June, valuing the company at about $1.73 billion (€1.48 billion) on an enterprise value basis.

The appointment of…

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