TPG Capital, Hankook Tire and Yokohama Rubber are reported as bidding for a controlling stake worth a minimum of US$200m in Indonesian tyre producer PT Multistradra Arah Sarana according to Reuters.

Multistrada is the second largest tyre maker in Indonesia and is controlled by one of the country's companies, the Salim Group, and investment banker Peter Tanuri, who both own 44% of the operation through direct and indirect stakes.

The news agency says any move to secure a controlling stake by bidders would trigger a mandatory offer for the rest of the shares, which are publicly held. Multistrada has a market value of around US$360m.

The controlling shareholders have recruited HSBC as adviser, and bids went in on Friday (5 August) last week added Reuters, that noted Hankook Tire confirmed its bid in a regulatory filing today.

Multistrada's vice president and director J Sukarman told Reuters the firm had not been informed by shareholders of any plans to sell.

Multistrada, exports more than 70% of its products overseas including the US and Europe, producing 8.1m tyres in 2010.

Net profit improved slightly to US21m, while revenue increased 19% to 2.01 trillion rupiah, according to company accounts.

TPG has bid jointly with its Indonesia affiliate Northstar Pacific, said Reuters citing sources. It bought American Tire Distributors for $1.3bn last year.