Nokian Tyres says sale of its Russia business could come at lower price By Reuters

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Nokian Tyres says sale of its Russia business could come at lower price

Stock Markets Mar 14, 2023 09:23AM ET

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Nokian Tyres says sale of its Russia business could come at lower price

HELSINKI (Reuters) - Nokian Tyres said on Tuesday it had been informed that Russia's Governmental Commission on Monitoring Foreign Investment has approved the Finnish group's sale of its Russian operations to PJSC Tatneft.

Nokian Tyres last year said it would sell the Russian tyre making business in response to the war in Ukraine.

The price approved by the Russian commission corresponds to 286 million euros ($306.85 million), Nokian Tyres said on Tuesday, significantly less than the 400 million euros that the group originally expected when a deal was first announced in October.

"Substantial uncertainties still remain related to the transaction and the timing of it as well as the (rouble-euro) exchange rate on the day of payment," it said in a statement.

($1 = 0.9321 euros)

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