Michelin Increases Stake in Hankook

Michelin has increased its financial stake in Hankook, purchasing an additional two million shares – equivalent to 1.3 per cent of the Korean manufacturer’s share capital – for US$26 million.

This brings Michelin’s stake in Hankook to 6.3 per cent. The two companies covered a wide-ranging co-operation agreement in 2003 and, under this agreement, both companies agreed that Michelin could, over time, purchase up to 10 per cent of Hankook’s share capital.