Continental intends to buy 100 percent of Modi Tyres
ERJ staff report (DS)
Mumbai, India -- In a brief statement to the Bombay Stock Exchange, Modi Rubber Ltd said it has agreed to sell all the equity in subsidiary Modi Tyres Company Limited to Continental AG. The statement continued, "such sale (and completion of transaction), still depends on fulfillment of several conditions contained in the agreements. After completion of the transaction, Modi Tyres Company Limited will become a wholly owned subsidiary of the Continental Group."
Financial details were not revealed. Neither Continental nor Modi responded immediately to requests for clarification, but the Indian press carried many stories adding detail to the news.
Continental said in a statement “This development underlines Continental's commitment to the Indian market and is part of the company's strategy to invest in growing markets in Asia for its core businesses."
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Stock Exchange announcement from Modi Rubber
Press release from Continental AG
Continental to buy Indian Modi Rubber's tyre unit
Reuters (India)
Modi Rubber hits 10 percent upper circuit on M&A buzz
India Infoline (India)
German co Continental to acquire Modi Rubber's tyre unit
The Hindu Business Line (India)
Continental AG to buy Indian Modi Rubber's tyre unit
Economic Times (India)
Continental to buy Modi Rubber's tyre unit
Business Standard (India)
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