The Ministry of Industry and Trade of Russia has announced the issuance of permission to the car tire manufacturer Continental to sell Russian assets, the main of which is a large factory in Kaluga. S8 Capital is a potential buyer, the deal is preliminarily estimated at 7-10 billion rubles.

However, one Russian authorization is not enough, the deal should also be approved by the Bureau of Industry and Security (BIS) at the US Department of Commerce: Continental believes that there are goods at the Russian plant that are subject to US export restrictions. It is unclear when the deal will be approved in the United States.

Recall that at the Continental factory in Kaluga, tires of three brands were previously produced - Continental itself, as well as Gislaved and Matador. The factory's capacity is four million tires per year, and about 1,300 people work at the enterprise. Continental announced the suspension of the Russian factory in March last year.