Chalk it up to two companies agreeing to disagree – maybe.
There are now conflicting reports – even from the same media source – regarding rumors that Groupe Michelin and Nexen Tire Corp. are considering a "cooperative arrangement" of some type. One side claims Michelin has denied that it is in discussion with Nexen, while the other says that Nexen notified the South Korean Stock Exchange it was exploring such a possibility.
The rumors came on the heels of selling its nearly 10% stake in Hankook Tire Co., a stake it had held for some time. Michelin also had a previous business relationship with Nexen.
For its part, Nexen has offered no specifics, other than to reportedly say that it would comment on the rumors sometime this week.