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

Hanon Systems

03/05/2024 11:55

SEOUL, May 3 (Reuters) - South Korea's Hankook Tire &
Technology Co Ltd  161390.KS  has signed a preliminary agreement
to acquire a stake worth 1.7 trillion won ($1.25 billion) in
Hanon Systems  018880.KS , it said on Friday, which would make
it the majority shareholder. 
    Hankook Tire, a business unit of Hankook & Company Group,
said in a regulatory filing that its board had approved a plan
to acquire private equity firm Hahn & Company's 25% stake in
Hanon Systems, an automotive thermal and energy management
solution company. It will also buy 12.2% of the new shares to be
issued through a capital increase.
    Hankook Tire would then become the biggest shareholder of
Hanon Systems with a 50.5% stake, it added. 
    Hankook Tire said in a statement that the company plans to
complete the acquisition process by the end of the year. 
     
($1 = 1,361.7100 won)

 (Reporting by Heekyong Yang; Editing by Kirsten Donovan)
 ((Heekyong.Yang@thomsonreuters.com;))