Michelin takes steps to steer Stomil off stock exchange
According to analysts French tire company Michelin, which probably acquired
another 4.2% of Stomil Olsztyn, will change the name of the Polish company
to Michelin Polska. It is the first step in withdrawing the company from
public trade. Officials of Stomil Olsztyn neither denied nor confirmed this
information. "Withdrawing Stomil from public trading would be advantageous
for the strategic investor, because it would not have to disclose plans for
the Polish market," said COK BH analyst Monika Cebula. It is estimated the
French company may own a 58.4% stake in Stomil. The Polish company has
finished four-years of restructuring so it is unlikely it will issue new
shares to gain capital. This will probably persuade the investor to withdraw
Stomil from public trading as Michelin's strategy is that none of the
companies belonging to the group is publically traded. (Parkiet, page 1)
M.M.
