Michelin sells Hankook Tire stake at 12.1% discount

The French tyre maker raises $558 million after the deal is priced below the original range at W41,000 per share.

Michelin sells Hankook Tire stake at 12.1% discount
Michelin is exiting its stake in Korea's Hankook Tire

French tyre manufacturer Michelin last night sold its entire 9.98% stake in Korea’s Hankook Tire through a block trade, ending a partnership between the two firms that started in 2003.

The seller initially aimed to raise between $586 million and $613 million from the divestment, but the deal ended up pricing below the initial offering range, resulting in a final deal size of W623 billion $558 million.

Even so, this is...

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