Private equity, rivals enter prelim bids for $6 bln stake in Hanon Systems -newspaper

Hanon Systems

22/06/2021 10:07

SEOUL, June 22 (Reuters) - Private equity firms Carlyle
Group  CG.O  and Bain Capital, as well as auto suppliers Valeo
 VLOF.PA  and Mahle were among those that entered non-binding
bids to buy a stake in South Korea's Hanon Systems  018880.KS 
worth 6.6 trillion won ($5.81 billion) as of Tuesday, South
Korean media reported. 
    The bidders are looking into acquiring about a 70% stake of
auto supplier Hanon Systems on sale by majority shareholder,
local private equity firm Hahn & Company, as well as
second-largest shareholder Hankook Tire & Technology Co Ltd
 161390.KS , newspaper Korea Economic Daily reported on Tuesday
citing unnamed investment banking sources. 
    A spokesperson for Mahle declined comment. A spokesperson
for Hanon Systems could not be immediately reached. Spokespeople
for Carlyle, Bain and Valeo did not have an immediate response. 
    Hanon Systems is the world's second-largest supplier of auto
thermal management systems such as heating, ventilation and air
conditioning, and reported a 6.9 trillion won revenue and 315.8
billion operating profit in 2020, according to its regulatory
filing. 
    Shares in Hanon Systems closed down 4.1% compared with the
wider market's  .KS11  0.7% rise on Tuesday.  

($1 = 1,135.0600 won)

 (Reporting by Joyce Lee, editing by Louise Heavens)
 ((jungyoon.lee@tr.com; +82 2 6936 1467;))