Stomil Olsztyn share price soars over Michelin tensions
The price of the second leading Polish tire producer, Stomil Olsztyn, shares
is increasing because of tension between France-based Michelin which is a
strategic investor of Stomil and minor investors. The minor investors are
expecting that Michelin will withdraw Stomil from the Warsaw Stock Exchange
(WSE) signalled by the French partner enlarging its share stake up to 59.2%.
Both, Michelin and the minor shareholders are preparing themselves for the
Annual Shareholders Meeting which is planned for the end of August. Smaller
investors would like to force some changes in the Board of Directors. To
defend it's representation it is likely Michelin will announce a call for a
public bid. Analysts say minor investors should not sell their shares for a
price lower than zl. 41, but there are also opinions that the price will
reach zl. 60. The price per Stomil share on the WSE on Friday closed at zl.
31. (Gazeta Wyborcza, July 8-9, page 26) A.D.
