Michelin sells Hankook shares for ‘12% discount’

Michelin is said to have sold some 15.2 million of its Hankook Tire shares for 623 billion won (£346.6 million) after announcing its intention to divest its 9.98 per cent stake in the Korean tyre maker. The accepted share price, says Hong Kong-based publication Finance Asia, was 12 per cent lower than the stock’s November 8 close price of 46,650 won per share and far below the indicative price range of 43,000-45,000 won.

The Hankook Tire share price dropped seven per cent following Michelin’s sale announcement, Reuters reported.

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