ERJ staff report (DS)
Moscow -- Russia's Federal anti-monopoly service has said it needs more time to consider an application by Amtel-Vredestein to take over the assets of Sibur Russian Tires.
A spokesman for Sibur Russian Tires said the application was put forward in April by Amtel-Vredestein as a small legal step on the path to a deal between the two companies. If the Anti-monopoly service allows the two companies to join together, then the path is clear for a more complex financial deal. If not, then the deal is off.
In practice, said the spokesman, the publicly-quoted Amtel-Vredestein would buy the assets of Sibur Russian Tires, but then Sibur Russian Tires would buy sufficient shares in Amtel-Vredestein to give it control in a form of reverse take-over.
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Website of Russia's Federal anti-monopoly service
Amtel bids to buy Sibur tyre business news report from Reuters