SEOUL: Global tyre maker Michelin said yesterday it would buy a 10% stake in Hankook Tire to establish a strategic alliance. Hankook is one of the largest tyre makers in South Korea, which ranks as the world's fifth largest producer of motor vehicles behind the United States, Japan, Germany and France.
A spokesman for Hankook Tire estimated the value of the planned stake purchase at 38.5 billion won (US$33.17mil). – Reuters
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