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PTY:
Michelin skids on race fiasco



Paris - Michelin shares skidded and then recovered their grip in early trading here on Monday following a fiasco over tyre safety at the Formula 1 Indianapolis race in the United States on Sunday.

In initial trading, the price of Michelin shares fell by 2.5% to €50.20 but then rallied to show a loss of 1.46% to €50.75.

The race, watched by 120 000 spectators at the Indianapolis Motorway, turned into a fiasco when 14 of the 20 cars that set off in the parade lap went on to park in the pit lane, reports Dow Jones Newswires.  The seven race teams, among them Renault and Toyota, pulled out of the race following an accident involving German driver Ralf Schumacher during trial runs on Friday.

The accident cast doubt on the suitability of the Michelin tyres being used and several teams pulled out of the race on the advice of Michelin which said that the tyres were of good quality but unsuited to the special conditions of the Indianapolis race track.

However, the share was also affected by press reports that Michelin had made emergency payments in an attempt to fill a hole of £286m in its British pension fund for employees.   :lol:  

According to the Dow Jones report some spectators will want their money back, but more significantly sponsors will also be claiming millions in compensation from the teams that did not run.

And, Bernie Ecclestone, the sport's ringmaster, may also be liable for paying huge compensation.

The Michelin teams later apologised to fans in a prepared statement.



hihihihihi....sunac im jebem! tako im i treba!  :evil:

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