Bridgestone/Bandag Deal Gains EU Antitrust Clearance
Tire maker Bridgestone Corp. has secured European antitrust approval to buy Bandag Inc. for $1.05 billion, Bloomberg reported Tuesday.
The combination would continue to face “strong, effective competition” from rival tire companies such as Michelin and Goodyear Tire & Rubber Co., the European Commission said.
“The transaction would not lead to major structural changes on the retreading market,” the commission said in a statement, Bloomberg reported. The EC is the European Union’s antitrust regulator.
Tokyo-based Bridgestone said in December that the acquisition of Muscatine, Iowa-based Bandag — which sells retreading equipment and has a global network of more than 900 franchise dealers — will help it offer additional services.
“The transaction would not lead to major structural changes on the retreading market,” the EC, the European Union’s antitrust regulator, said in a statement, Bloomberg reported.
Bandag will become part of the Bridgestone Americas Holding Inc. U.S. unit, the companies said when the transaction was first announced in December.
