Amtel puts Vredestein up for sale

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Russian tiremaker Amtel Group is "conducting a sale process" for its Vredestein Banden B.V. subsidiary.

Several "potential bidders are conducting due diligence following the submission of preliminary offers," say Amtel officials.

Amtel is "determined" to sell Vredestein "in the near term. However, there can be no certainty that the sale of (Vredestein) will be successfully concluded."

 Amtel purchased the Netherlands-based Vredestein in April 2005.

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