South Korea’s Hankook Tire to become majority shareholder in Hanon Systems

SEOUL : South Korea’s Hankook Tire & Expertise Co Ltd has signed a preliminary agreement to attain a stake price 1.7 trillion won ($1.25 billion) in Hanon Programs, it mentioned on Friday, which would develop it the majority shareholder.

Hankook Tire, a industrial unit of Hankook & Company Neighborhood, mentioned in a regulatory filing that its board had permitted a device to attain personal equity company Hahn & Company’s 25 per cent stake in Hanon Programs, an automobile thermal and vitality administration solution company. This can furthermore aquire 12.2 per cent of the brand new shares to be issued via a capital develop bigger.

Hankook Tire would then turn into the supreme shareholder of Hanon Programs with a 50.5 per cent stake, it added.

Hankook Tire mentioned in a assertion that the corporate plans to complete the acquisition route of by the end of the year.

($1 = 1,361.7100 won)