5 May 2004
India's Metro Tyres is rumoured to be preparing to divest some shares to Germany's Continental AG. However, a spokesman for Conti said the board has not been asked about any such proposal. Jorg Essiger, managing director of Conti's motorcycle tyre unit was quoted in the Hindu Business Line paper as saying, "We are not averse to picking an equity stake in Metro Tyres. If such a decision is made, it will be for a minority stake that would affirm our commitment to the partnership with Metro."
In a separate report in the Sify paper, Metro's managing director, Rummy Chhabra was quoted as saying, ''We are willing to divest equity in favour of Continental. We have already made the equity offer to it. Now the ball is in their court.'' The paper said that Metro would retain majority control.
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Hindu Business Line (India) story
Sify (India) story
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