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Michelin Buys More Hankook Shares

(Akron/Tire Review) Exercising its option, Groupe Michelin bought two million shares in Hankook Tire Co., increasing its ownership position to 6.3%.

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The purchase was announced late last week.

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Michelin has held a 5% share in the South Korean tiremaker since 2003, and could buy up to 10% in Hankook. Michelin paid $26 million for the new shares, which were issued by Hankook on Mar. 17.

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