S.Korea's Hankook Technology Group rallies amid expectations of leadership change

Hankook Tire & Technology

30/06/2020 02:37

** Shares of South Korea's Hankook Technology Group Co Ltd
 000240.KS  surge as much as 24.5% to 15,250 won ($12.75) on
expectations of a management tussle after local media reported
about a potential feud involving the founding family members
    ** This comes after the current chairman sold off all of his
share in the group to his second son Cho Hyun-bum through a
block deal, the reports say
    ** Shares of Hankook Tire & Technology Co Ltd  161390.KS ,
the group's affiliate, rise as much as 12.7% to 26,650 won 
    ** Hankook Technology Group and Hankook Tire & Technology
were not immediately available for comment
    ** Family-controlled Hankook Tire is one of the world's top
10 tyre makers, whose customers include Hyundai Motor Co
 005380.KS , Ford Motor Co  F.N  and Volkswagen AG  VOWG_p.DE 
    ** Investors are interested in whether there will be any
sibling conflicts and if other founding members would resort to
any actions to take over management, boosting share prices, says
Chang Moon-su, an analyst at Hyundai Motor Securities.
    ** The broader KOSPI market  .KS11  was trading up 1.2% as
of 0101 GMT
 ($1 = 1,196.3300 won)

 (Reporting by Heekyong Yang; Editing by Himani Sarkar)
 ((Heekyong.Yang@thomsonreuters.com; +82 2 6936 1470;))