Apollo to acquire 100% of Vredestein

A Dutch bankruptcy court has approved Apollo Tyres Ltd.'s offer to acquire 100% stake in Netherlands-based Vredestein Banden B.V. from Russian tire manufacturer Amtel-Vredestein N.V.

Vredestein is a 100% subsidiary of Amtel-Vredestein N.V. It operates a North American office in Metuchen, N.J., under the Vredestein Tyres North America banner.

"The parties concerned will be in a position to disclose any further information, including price, only after certain conditions have been met and certain approvals -- including regulatory and statutory approvals -- are granted," say Apollo officials. Amtel purchased Vredestein in April 2005.

Apollo is the largest tire manufacturer in India with $1 billion in annual revenue. In addition to its native country, Apollo counts Europe, Africa and the Middle East as major markets.