French automotive parts maker Valeo and three other foreign firms have submitted preliminary bids for a controlling stake in automotive thermal management systems and automotive parts maker Hanon Systems, while local players have decided against the move, sources said Tuesday.
Valeo, a key rival of Hanon Systems, and German automotive parts maker Mahle have reportedly submitted a preliminary bid for the 70 percent stake in Hanon Systems worth 6.6 trillion won (US$5.8 billion) as of Tuesday, while investment firms the Carlyle Group and Bain Capital are also in the race.
In 2015, Hankook Tire Co. and Hahn & Company acquired the interest from U.S. auto parts maker Visteon Corp..