ERJ staff report (DS)
Quincy Illinois -- Titan International has said it aims to issue 9 million new shares in itself to raise money to buy the outstanding shares in its minority-held subsidiary, Titan Europe. The offer values the Titan Europe shares at 230p, roughly double the price of 111p on Friday's market close.
In January 2007, Titan International increased its stake in Titan Europe to 17.3 percent, up from 15.4 percent.using an exchange of debt to fund the equity.
Titan International spun off the European company, previously a wholly owned division, in April 2004. Initially Titan retained a 30-percent stake in the unit, but a spokeswoman said Titan Europe issued more shares in 2006, diluting Titan InternationalÂ´s stake to 15.4 percent.
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Press release from Titan International
Titan Europe gets $375 million takeover approach Reuters (London)