Newswire

Bridgestone satisfied with Nokian Renkaat stake

HELSINKI, Feb 24 (Reuters) - Japanese tyre maker Bridgestone said on Monday its planned purchase of a stake in Finnish peer Nokian Renkaat was a business buy, and it had no plans at the moment to raise or lower its holding.

"At this point it is a business investment. We see a lot of potential synergies and we want to build on those," Bridgestone Europe Vice President Des Collins told Reuters.

He said that Bridgestone had been in contact with Nokian Renkaat management before taking the stake.

Nokian Renkaat said earlier Bridgestone had agreed to purchase an 18.9-percent stake in it for 78.34 million euros ($84.89 million) from mobile phone maker Nokia .