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April 13, 2011 12:00 AM

Conti wants controlling stake in Modi-reports

ERJ Staff
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    ERJ staff report (DS)

    Mumbai - The Indian press reports that Continental AG is in advanced talks to buy a controlling stake in Modi Rubber. An unnamed executive was quoted saying, “Continental is keen on a strategic stake above 51 percent” adding, "Continental was waiting for [Modi] to turn around and repay its lenders before it picks up a stake."

    Conti did not respond immediately to requests for clarification.

    Conti is the only major tyre maker without existing or planned manufacturing facilities in India.


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    Continental in Talks to Buy Majority Stake in Modi Rubber Wall St Journal (India)

    Continental in talks to buy 51 percent stake in Modi Rubber LiveMint (India)

    Continental in Talks to Buy Majority Stake in Modi Rubber MarketWatch (India)

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