French tyre maker Michelin and Shanghai Huayi Group Corporation, parent company to one of China`s top tyre makers, are in final stage talks in negotiating a joint venture, reports the UK`s Financial Times (19/7/00).
Officials at the Shanghai Corporation confirmed the conclusion of the deal in local media, although a Michelin official in Beijing declined to comment.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The expected conclusion of the deal saw Shanghai Tyre`s `A` and `B` shares, for domestic and foreign investors, rise by the maximum-allowed 10 per cent.
The F.T. reports that both companies are awaiting formal approval of the deal from the central government body that oversees foreign investment.
