Continental, the German maker of tires and car parts, said Friday it had joined with Malaysian group Sime Darby as the major partner in a joint venture to make tires in the Asian country.

Continental said it had taken a 51-percent stake in the joint venture.

Sources close to the company said it had paid about 51 million euros to acquire the majority share.

A spokesman said the joint venture holds 20 percent of the market share in the 10-country region of the Association of Southeast Asian Nations. - AFP