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Goodyear Receives European Approval for Sumitomo Rubber Alliance

26 July 1999

Goodyear Receives European Approval for Sumitomo Rubber Alliance

    AKRON, Ohio, July 26 -- The Goodyear Tire & Rubber Company
announced today that it has received clearance from the European Commission
for its global alliance with Japan's Sumitomo Rubber Industries Ltd.
    "We are pleased to have received this, the third, and final, major
regulatory clearance of our alliance with SRI," said Samir G. Gibara,
Goodyear's chairman and chief executive officer.  "The teaming of Goodyear and
Dunlop creates a stronger business that can better serve the customers,
shareholders and associates of both organizations."
    In the United States, the Hart-Scott-Rodino pre-merger notification
waiting period expired in March without action taken by either the Department
of Justice or the Federal Trade Commission.  The Japanese Fair Trade
Commission authorized the transactions in June.
    Goodyear still anticipates closing the transaction, as previously
announced, on Sept. 1.