Michelin plans to sell its stake in Hankook Tire

French tire manufacturer Michelin has revealed that it will sell a 9.98% stake in Hankook Tire , the purpose is to simplify the product mix, but also to raise funds.

On the 8th, the stock price of Hankook Tire was 46,650 won (US$41.76), and Michelin was selling Hankook Tire 15.9 million shares at a price of 4.3 to 45,000 won (38 to 40 US dollars) per share, informed sources. Through the sale of shares of Hankook Tire, Michelin was able to raise 610 million U.S. dollars.

The Michelin company stated that it will immediately create a file of investors' willingness to purchase shares, and that Citigroup will be responsible for the establishment of the file. The private placement of shares will accelerate Michelin's expansion in the fast-growing market.

Michelin ranks 47th in the list of top 100 parts in the world. Last year's sales reached $3.75 billion.

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