Goodyear's parked-shares provide defensive strategy

The demand for shares in tire-manufacturer Debica has increased recently. This may be for the same reasons as at Stomil Olsztyn, where some substantial investors are trying to make it impossible for a foreign enterprise to acquire a pre-emptive position in the company. This tactic may not work as well against American tire-maker Goodyear as it has parked over 10% of Debica's shares, and already owns almost 60% of share capital and voting rights. "Indirectly, Goodyear may control even more Debica shares. Proof of this is the low turnover of Debica shares recently and Goodyear's indifference to the fight of Stomil's investors with France's Michelin," said COK BH analyst Monika Cebula. It is unlikely Debica shares will be withdrawn from the bourse. What may happen is that Goodyear may make a public offering to buy back parked-shares and then the price would be the lowest possible. (Parkiet, Aug. page 5) M.M.