FRENCH tyre maker Michelin plans to sell up to 15 million shares it owns of Hankook Tire, representing approximately 9.98% of the share capital of this company, via an institutional private placement by way of an accelerated book building.
Michelin says the sale is part of its efforts to optimise its portfolio, in line with the new growth strategy it presented a year ago and reiterated, in particular, during the October 2011 investor day. In improving its liquidity position, the proceeds of the sale will allow Michelin to accelerate its industrial strategy in high-growth markets, in particular by optimising and strengthening plants dedicated to the production of entry-level and medium-range segment (Tier 2 and Tier 3) products in the passenger car and truck tyre markets.(PRA)
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