According to reports from Asia, shares in Nexen Tire Corp. surged dramatically after the tiremaker said it had considered a "cooperative arrangement" with Groupe Michelin.
Nexen stock prices rose 11% yesterday, Reuters reported.
Nexen apparently offered no details about the "arrangement" or even if such is still being considered.
Earlier this week, Michelin sold its 9.98% stake in Hankook Tire Co. for 623 billion won, a 12% discount against the stock’s Nov. 8 closing price.