Michelin sells Hankook Tire stake at 12.1% discount

French tyre manufacturer Michelin last night sold its entire 9.98% stake in Korea’s Hankook Tire through a block trade, ending a partnership between the two firms that started in 2003.

The seller initially aimed to raise between $586 million and $613 million from the divestment, but the deal ended up pricing below the initial offering range, resulting in a final deal size of W623 billion $558 million.

Even so, this is the largest block trade in Asia since Permira raised $613 million from a sell-down in Macau casino operator Galaxy Entertainment Group in early September. It comes after Hankook’s share price hit a record high of...