S.Korea's Hankook Technology chairman sells entire stake to younger son (updated)

Hankook Tire & Technology

30/06/2020 04:50

(Adds details on stake sale, background)
    SEOUL, June 30 (Reuters) - South Korea's Hankook Technology
Group Co Ltd  000240.KS  said on Tuesday Chairman Cho Yang-rai
sold his entire stake in the group to his younger son amid
reports of a possible management tussle in one of the world's
top 10 tyre makers.  
    After the 23.59% stake sale, Cho Hyun-bum, president of
South Korea's leading tyre maker Hankook Tire & Technology Co
Ltd  161390.KS , will become the largest shareholder with a
nearly 43% stake in the parent company. 
    The firm did not disclose the value of the block deal, but
the stake was worth 269 billion won ($224.70 million), as of
Monday's closing price. 
    Customers of the family controlled Hankook Tire include
Hyundai Motor Co  005380.KS , Ford Motor Co  F.N  and Volkswagen
 VOWG_p.DE . 
    According to the company's regulatory filing, the
48-year-old Cho has three siblings, each owning 19.32%, 10.82%
and 0.82% stake in the group. 
    Shares of Hankook Technology Group surged as much as 9.4%
and Hankook Tire rose nearly 5.7%, while the benchmark KOSPI
 .KS11  was trading up 1.4% at 0300 GMT. 
    
    ($1 = 1,197.1500 won)

 (Reporting by Heekyong Yang and Hyunjoo Jin; Editing by Kim
Coghill and Sherry Jacob-Phillips)
 ((Heekyong.Yang@thomsonreuters.com; +82 2 6936 1470;))