Aug 9, 2011

Hankook Tire scouts Multistrada Sarana

South Korea's Hankook Tire confirmed today that that it was seeking to buy Indonesia's tire maker PT Multistrada Arah Sarana Tbk. 
However nothing has been finalised, Hankook Tire said in a regulatory filing, following a local media report that Hankook, TPG and Yokyohama Tire were shortlisted for final bids for a controlling stake in the Indonesian tyre maker worth around US$210 million.
Two executives familiar with the matter said Multistrada is now helped by Hongkong amd Shanghai Banking Corporation (HSBC) as financial adviser.
"The floor price for 40% shareholding in Multistrada is set at Rp600 per share," the sources said.
Even Goh, Head of Investor Relations at Multistrada, said there is no such bidding process to sell Multistrada. "Where did you hear about the information? So far, there is no such bidding process," he said.

Disclosure: No position at the stock mentioned above.

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