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Closing of Bridgestone-Bandag deal is 'imminent'

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The closing of Bridgestone Americas Holding Inc.'s acqusition of Bandag Inc. "is imminent," a Bandag spokesman has told moderntiredealer.com. The European Council approved the transaction earlier this week.

"That was the last regulatory approval we were waiting on," says Bandag spokesman Bill Block.

Block explains that the European Council's role is similar to that of the Federal Trade Commission in the United States.

"Bandag and Bridgestone are both global companies. Over the course of many years, we've developed different kinds of business cooperations.

"The European Council wanted to make sure that fair competition isn't being jeopardized (by the transaction)."

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