Bridgestone Australia seeks to become wholly-owned subsidiary

Adelaide, Australia - Bridgestone Australia Ltd. has launched a proposal that will, if accepted by the minority shareholders, take the company back into private ownership as a 100 percent subsidiary of Bridgestone Corp.

The company hopes to cancel all shares owned by minority shareholders in exchange for a total payment of A$3.40 (€2.02) per share.

Bridgestone Corp. currently holds 22,033,478 shares in BSAL or approximately 60.3% of the Company and the interests of the Minority Shareholders in the Company are therefore valued at approximately A$49.3 million (€29,26 million). Bridgestone said it expects to cancel about 14.5 million shares.

Local newspapers reported minority shareholders saying their initial reaction was to welcome the offer and that they would probably accept the terms.

If all goes according to plan, the deal will be complete and BSAL will de-list from the Adelaide Stock Exchange by the end of May, 2007.

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Download proposal document from Bridgestone Australia

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