September 11, 2019 / 2:11 PM / a month ago

Tyre makers Continental, Michelin plan joint venture: filing

FILE PHOTO: Bibendum, the Michelin Man mascot, is seen ahead of a news conference to present the Michelin Group company's 2018 annual results in Paris, France, February 11, 2019. REUTERS/Philippe Wojazer/File Photo

FRANKFURT (Reuters) - German automotive supplier Continental (CONG.DE) and France’s Michelin (MICP.PA) plan a joint venture related to tyre production, according to a list of mergers under review published by the German antitrust authority.

The venture, in which French farming technology firm SMAG is also listed as a partner, would be based in Singapore, according to the Aug. 29 filing published on the Federal Cartel Office’s website.

Sources close to Continental and Michelin clarified that the venture was called Rubberway, a mobile application launched by the French company in support of its policy of sourcing the raw material sustainably.

Reporting by Matthias Inverardi and Jan Schwartz; Writing by Douglas Busvine; Editing by Edmund Blair and Jonathan Oatis

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