Carlyle, Valeo, Mahle to compete for Korean auto parts supplier By Park Jae-hyuk LG Electronics has decided not to participate in a preliminary bid to acquire a controlling stake in Hanon Systems, citing its excessively high price, an LG official told The Korea Times, Tuesday.
Once the sale of Hanon is over, the company will be held by a new owner, six years after a consortium of Hahn & Company and Hankook Tire took over a 69.99-percent stake in Halla Visteon Climate Control (HVCC) for 3.8 trillion won, from Visteon in the U.S. Back then, Hahn & Company paid 2.75 trillion won, while Hankook Tire paid 1.06 trillion won.
After Halla sold its entire stake to Ford’s subsidiary, Visteon, during the 1998 Asian financial crisis, the U.S. carmaker integrated its thermal system businesses into HVCC and sold it to the Hahn & Company-led consortium in 2015.