French tyre group Michelin said on Friday it will subscribe to two million shares of Hankook Tire for US$26 million, according to Reuters.
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The shares represent 1.3% of the share capital of Hankook, South Korea’s biggest tyre maker, which issued them on Friday. As a result of this operation and previous market transactions, Michelin will own 6.3% of Hankook, the report added.
Reuters noted that Michelin and Hankook entered a cooperation agreement in 2003, covering various operational areas. They agreed that Michelin, over time, would purchase up to 10% of Hankook’s share capital.
