Bridgestone close to Kwik-Fit acquisition -- report

London--Bridgestone Corp. is said to be leading the race to acquire Kwik-Fit, the UK-based tyre and exhaust retailer. Kwik-Fit is valued at around Euro 1400 million.

A report in the Financial Times says a combined bid from Bridgestone and trading house, Mitsubishi Corp., has beaten off a rival bid from Michelin and US retailer Wal-Mart, but says there are other strong bidders in the ring. The FT continues, "Fully financed offers are due for Kwik-Fit in a fortnight. The business is being auctioned by Deutsche Bank, and potential bidders were told last month that Kwik-Fit was expected to generate sales of £810m this year."

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Financial Times (UK) story

The Scotsman (UK) story