Deutsche Bank Upgrades Persimmon to Buy After Strong First-Half Results 
Shein Scales Back Vietnam Operations as US Trade Rules Shift 
Cloudflare Stock Jumps 15% as Earnings Beat Estimates, 2026 Outlook Raised 
US Stock Futures Flat as Iran Strait of Hormuz Demands Fuel Oil Concerns 
US Dollar Falls as Weak July Jobs Report Dents Fed Rate Hike Bets 
Goldman Sachs Sees US Stock Buybacks Outpacing Equity Issuance as AI Funding Rises 
ADNOC Gas Targets Up to $4B Profit in 2026 
Iran-Oman Near Strait of Hormuz Deal as Shipping Tensions Persist 
BOJ Signals Faster Rate Hikes as Inflation Risks Raise September Move Odds 
Delta Flight Makes Emergency Landing in Atlanta After Cockpit Fumes Reported 
Oil Prices Rise as Hormuz Reopening Remains Uncertain 
Asian Stocks Rise as Weak US Jobs Data Eases Fed Rate Hike Fears 
UK Retail Sales Rise as World Cup and Heatwave Boost Food, Pubs and Clothing 
Sinopec Boosts Russian ESPO Oil Purchases as Middle East Supply Tightens 
Berkshire Hathaway Cash Falls as Abel Boosts Stock Buybacks 
Airbus Joins Air India A320 Altitude Drop Probe 
Alibaba Plans Revenue-Sharing Model for Qwen3.8-Max AI Commercial Users 
LG Electronics has been previously reported to be interested in buying a controlling stake in Hanon Systems, a firm that manufactures automotive air conditioning systems, modules, compressors and radiators. However, in a new update, it was said that the electronics company decided not to join in the preliminary bid anymore.
Why LG gave up its chance to bid
An LG official told The Korea Times on Tuesday, June 22, that they withdrew from the bidding due to the sky-high price of the Daejeon-based company. It was added that the Halla Group also backed out, citing concerns on possible financial burdens it could encounter after the purchase.
Prior to its withdrawal, LG Electronics was seen as the most potential buyer of Hanon Systems since it could use the firm for the supply of parts for its subsidiaries. LG is also getting into automotive now but focusing on batteries and parts, so acquiring Hanon is a good investment.
If LG is still in the running for the bid, it was said that it would have joined forces with The Carlyle Group, an American multinational private equity, alternative asset management, and financial services company. Together, they are likely to recruit Lee & Ko to be their legal adviser for the Hanon Systems acquisition.
The remaining bidders
Carlyle Group, Bain Capital, Valeo and Mahle have already submitted their preliminary bids. This is for the purchase of a 70% stake in the South Korean company that was estimated to worth ₩6.6 trillion or around $5.8 billion.
These bidders will compete to buy a 50.5% share in Hanon from Hahn & Company and an additional 19.49% from Hankook Tire & Technology, Hanon’s no. 2 shareholder. Initially, the tiremaker also planned to bid for more shares but did not push through in the end.
The Korea Economic Daily noted that all the preliminary bidders for Hanon Systems are all foreign companies. It was said that because of this, this deal could be South Korea’s largest M&A transaction this year.
Meanwhile, business insiders reported that LG Electronics may acquire other firms with the same business as Hanon Systems. In this way, it can have a steady supplier for parts being used in its productions.
