Michelin says it has completed the private placement to institutional investors of 9.98% of Hankook Tire shares with gross proceeds worth around EUR405m (US$554m) leading to a gain for the French group of around EUR255m.

Hankook Tire is the leading tyre manufacturer in Korea and its shares are listed on the KOSPI Market of the Korea Exchange.

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Michelin noted the sale “is part of the group’s efforts to optimise its portfolio in line with the new growth strategy” it presented a year ago.

Michelin added the proceeds of the sale will allow it: “To accelerate its industrial strategy in high-growth markets, in particular by optimising and strengthening plants dedicated to the production of entry-level and medium-range segment – Tier 2 and Tier 3 – products in the passenger car and truck tyre markets.

Following this placement, Compagnie Financière Michelin will no longer hold any Hankook Tire shares.

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