Michelin plans $610 mln Hankook stake sale -source

Reuters

French tyre maker Michelin could raise up to $610 million with the sale of its stake in South Korea's Hankook Tire , a source with direct knowledge of the plans told Reuters on Tuesday.

The company is offering 15.19 million shares in Hankook at a price of 43,000-45,000 won each, equivalent to a discount of 3.5-7.8 percent to Tuesday's closing price of 46,650 won ($41.76), said the source, who was not authorised to speak publicly on the matter. ($1 = 1117.000 Korean Won) (Reporting by Elzio Barreto; Editing by Jonathan Hopfner)

Continue Reading Below