Michelin buying Indonesian tire maker

Clermont-Ferrand, France — Michelin is buying 80% control of Indonesia’s PT Multistrada Ara Sarana Tbk., producer and marketer of the Achilles and Corsa tire brands as well as a number of private brands.

In a 22 Jan statement, Michelin said it will pay $439 million (€386 million) to acquire 80% of Multistrada shares, held by an investor group.

The deal is subject to certain closing adjustments.

As Multistrada is a publicly-listed company, Michelin is planning to launch a public offer after closing the deal, for the remaining outstanding…

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