PARIS (March 17) — Michelin is raising its interest in in Hankook Tire Co. Ltd. to 6.3 percent by buying 2 million new shares the South Korean tire maker issued today.
Michelin said the share purchase would cost $26 million. Michelin has owned a 5-percent share in Hankook since late 2003, when it said it would buy up to a 10-percent stake as part of a plan to involve Hankook in its global manufacturing network, especially for the Pax run-flat tire-wheel system