Michelin says to sell stake in Hankook Tire

Newswire

PARIS, Nov 8 (Reuters) - French tyre maker Michelin said it would sell its 9.98 percent stake in Korean peer Hankook Tire in a move to streamline its portfolio and generate cash. The proceeds of the sale, which is being done through an institutional private placement, will allow Michelin to accelerate its expansion strategy in high-growth markets, the company said. (Reporting by Elena Berton)

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