Nokia, Finland – Bridgestone Corp. has reduced its share-holding and voting rights in Nokian Tyres plc, the Finnish tire maker has announced.
In a transaction concluded 12 Dec 2019, the Japanese group’s direct holding in Nokian was reduced to 4,167,653 shares.
Bridgestone now own 3% of Nokian’s shares and voting rights, the Finnish company announced in a 13 Dec stock exchange release.
Prior to the transaction, Bridgestone’s share-holding and voting rights stood at 9.96%, according to Nokian’s statement.
Bridgestone has been a Nokian shareholder since 2003 when it acquired an 18.9% share in the company.
Originally, Bridgestone said the two firms would examine ways to complement each other's product development, testing and distribution operations.
Tire Business, a sister publication of European Rubber Journal contributed to this report.