Govt allows Tatneft to buy business of Nokian Tyres in Russia

HELSINKI, Mar 14 (PRIME) -- The government has allowed oil company Tatneft to buy the Russian business of Finnish tire producer Nokian Tyres for 23 billion rubles, the tire company said in a statement on Tuesday.

"According to information received by Nokian Tyres from Tatneft, the Russian government’s commission for foreign investments control has approved the purchase of the facilities of Nokian Tyres plc in Russia by Tatneft. … The price … amounts to 23.05 billion rubles," the Finnish company said.

The price of the deal is calculated basing on the actual rate of the ruble against the euro on the day of payment, the Finnish company said, adding that the price is “286 million euros” basing on the exchange rate as of March 13.

The Finnish company said that the initial price of deal was to amount to 400 million euros.

The signing of the deal was announced on October 28, 2022.

(75.4609 rubles – U.S. $1)

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