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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/11/japan-firm-linked-to-kwikfit-bid.jpg"><img class="alignnone size-full" title="A Japanese company is reportedly interested in car tyre firm Kwik-Fit" src="http://londonglossy.com/wp-content/uploads/2010/11/min-japan-firm-linked-to-kwikfit-bid.jpg" alt="A Japanese company is reportedly interested in car tyre firm Kwik-Fit"/></a></p>
<p>A new contender has emerged in the £650 million auction of tyre firm Kwik-Fit after a report linked a Japanese trading house to a possible bid.</p>
<p>Marubeni, which distributes Yokohama tyres in Europe and has a network of 24 car showrooms in Britain, is believed to have transferred its interest to Kwik-Fit after previously eyeing the purchase of Micheldever, a tyre wholesaler.</p>
<p>The report in the Sunday Times comes a month after Kwik-Fit&#8217;s French private equity owner PAI appointed Credit Suisse to lead a sale following offers for the business. Other potential bidders are thought to include Bridgestone and Michelin, which owns ATS Euromaster, a rival tyre chain.</p>
<p>PAI paid £800 million for the chain in 2005 and realised £215 million from its investment by offloading Kwik-Fit&#8217;s insurance arm to Belgium&#8217;s Ageas, the new name for Fortis.</p>
<p>The newspaper said Kwik-Fit&#8217;s underlying profits fell 1.5% to £98.4 million last year as higher costs squeezed margins on its fixed-price fleet-car contracts.</p>
<p>Marubeni, which is one of the largest dealers for Toyota and Mazda in Europe, is said to have turned its attention to Kwik-Fit after the break down of exclusive talks with Graphite Capital over the purchase of Micheldever.</p>
<p>The Japanese trading firm employs 29,000 people and has operations in areas including chemicals, minerals and food.</p>
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