Amazon Stock Dips as Reports Link Company to Potential $50B OpenAI Investment 
CSPC Pharma and AstraZeneca Forge Multibillion-Dollar Partnership to Develop Long-Acting Peptide Drugs 
OpenAI Reportedly Eyes Late-2026 IPO Amid Rising Competition and Massive Funding Needs 
Panama Supreme Court Voids Hong Kong Firm’s Panama Canal Port Contracts Over Constitutional Violations 
Wall Street Slips as Tech Stocks Slide on AI Spending Fears and Earnings Concerns 
Elon Musk’s SpaceX Explores Merger Options With Tesla or xAI, Reports Say 
Gold and Silver Prices Plunge as Trump Taps Kevin Warsh for Fed Chair 
South Korea Industry Minister Heads to Washington Amid U.S. Tariff Hike Concerns 
Philippine Economy Slows in Late 2025, Raising Expectations of Further Rate Cuts 
Starmer’s China Visit Signals New Era in UK–China Economic Relations 
Trump Threatens Aircraft Tariffs as U.S.-Canada Jet Certification Dispute Escalates 
Pentagon and Anthropic Clash Over AI Safeguards in National Security Use 
Nvidia’s $100 Billion OpenAI Investment Faces Internal Doubts, Report Says 
US Judge Rejects $2.36B Penalty Bid Against Google in Privacy Data Case 
Bob Iger Plans Early Exit as Disney Board Prepares CEO Succession Vote 
U.S. Dollar Slides for Second Week as Tariff Threats and Iran Tensions Shake Markets 
Boeing Secures New Labor Contract With Former Spirit AeroSystems Employees 
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.
