Michelin said on July 17 it would take control of Shanghai Michelin Warrior Tire (SMWT) company, acquiring the 30% stake in the Chinese group that it does not now own.
SMWT is currently 70% owned by Michelin, with the remainder of capital controlled by Double Coins Holdings, 28.5%, and Shanghai Minhang United Development, 1.5%.
Both groups had signalled a willingness to withdraw from SMWT, which operates two plants in China.
Copyright Agence France-Presse, 2009
