Michelin intends to buy 10% stake in Hankook

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A Hankook spokesperson has confirmed that Hankook Tire Co. Ltd. has agreed to sell 10% of the company to Groupe Michelin.

The stake reportedly will cost Michelin an estimated $33 million.

Hankook's stock price, adjusted for the exchange rate, was selling for $2.21 a share earlier today, up from $2.10 as of the close on Jan. 24.

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