Michelin plans purchase to silence minority Stomil Olsztyn shareholders

French tyre giant Michelin is ready to buy out minority shareholders in Stomil Olsztyn, amid a feud in which it has been accused of channeling profits out of the Polish tyre maker. According to Stomil Olsztyn supervisory board chairman Witold Jurcewicz, "Michelin has made a proposal to selected small shareholders." However, Jurcewicz declined to comment on the price being offered for the shares, although he did say it would be based on an estimation provided by investment bank HSBC. News reports are speculating that Michelin might offer zl.29 each for Stomil Olsztyn shares, a 20% premium on Wednesday's zl.24.2 close. Michelin, which already owns 59% of Stomil Olsztyn, one of Poland's leading tyre makers, has already launched legal action against some of the minority shareholders, by whom it stands accused of channeling profits out of the company by means of high trademark fees and low export prices. It has also faced accusations of failing to provide investors with financial information. On Tuesday, Stomil Olsztyn shareholders agreed to postpone a general shareholders' meeting until June 26, when the auditor's report will be discussed. Michelin also scored a victory, by forcing through a resolution on setting aside 24% of the company's net profits as a dividend. (Puls Biznesu, p.8, Gazeta Wyborcza, p.23) M.T.