Hankook Tire & Technology’s bid to acquire Hanon System has encountered significant internal opposition within its board, despite receiving approval from the European Union Commission. The acquisition involves acquiring a 25% stake from Hahn & Company and 12.2% of newly issued shares, totaling 1.733 trillion won ($1.3 billion). This deal aimed to bolster Hankook’s position in the automotive thermal management market by increasing its stake to 50.53% in Hanon System. Despite the EU’s competition clearance, dissent among Hankook’s board, citing financial prudence and concerns over Hanon System’s stock price decline, poses a substantial hurdle. The future of this strategic acquisition thus remains uncertain.
Automotive, Private Equity, Manufacturing,South Korea, European Union
https://mergersacquisitions.einnews.com/article/733999853/ozJdpptI5nmzmeN2?ref=rss&ecode=Q1vNcweEggLWKz7L