Michelin to take control of Chinese group

French tyre maker Michelin said on Friday it would take control of Shanghai Michelin Warrior Tire (SMWT) company, acquiring the 30 percent stake in the Chinese group that it does not now own.

SMWT is currently 70-percent owned by Michelin, with the remainder of capital controlled by Double Coins Holdings, 28.5 percent, and Shanghai Minhang United Development, 1.5 percent.

Both groups had signalled a willingness to withdraw from SMWT, which operates two plants in China.

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