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Amtel confirms Vredestein purchase

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Russian tiremaker Amtel has confirmed that it will acquire Vredestein Banden and is planning initial public offerings on the Moscow and London Stock Exchanges, according to a Tyres & Accessories report.

The listings are scheduled to take place during the fall of 2005 or spring of 2006.

Amtel will take over all of Vredestein´s operating subsidiaries "engaged in the production, distribution and sales of tires and off-take arrangements, as well as Vredestein Banden’s trademarks, patents and other intellectual property," according to Amtel officials.

Integrating Vredestein´s operations will make Amtel a $1 billion company. The purchase is expected to close in February.

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