Romanian authorities approve Michelin-Ihle takeover in Romania
The Romania’s Competition Council has approved the takeover of Reifen Ihle’s Romanian operation – Ihle Anvelope by Michelin. The transaction forms of the previously reported earlier deal in which Michelin took over the German operation (Reifen Ihle Baden Baden) and its international operations.
According a Romania Insider report dated 25 November, which carried details of the ruling, Michelin owns three tyre factories in Romania as well as the Euromaster Tyre and Services Romania tyre distribution business.
In 2013 Michelin Romania reported turnover of about 474 million euros (US$589 million) and a net profit of 17.4 million euros ($21.6 million), Euromaster Romania reported sales of 18.4 million euros ($22.8 million). During the same period Ihle Anvelope is said to have had sales of 8.3 million euros ($10.3 million).
You can read through full coverage of the chain of events here.