PARIS - French tiremaker Michelin said on Tuesday it now owned virtually all its Polish subsidiary Stomil-Olsztyn after buying most of the 30 percent it did not already have.
Michelin said in a statement it had bought an extra 28.74 percent of Stomil-Olsztyn's capital, meaning it now controls 98.99 percent of the unit's capital and voting rights.
Europe's biggest tiremaker said it paid 46.50 Polish zlotys per share, a total of 363.7 million zlotys ($96.27 million) or about 85 million euros.
The goodwill associated with the deal is about 38 million euros and will be amortized over 20 years from 2003, it said.
Michelin announced last month it was bidding for the 30 percent of Stomil it did not own.