Private equity firms Carlyle Group CG.O and Bain Capital, as well as auto suppliers Valeo VLOF.PA and Mahle were among those that entered non-binding bids to buy a stake in South Korea’s Hanon Systems 018880.KS worth 6.6 trillion won ($5.81 billion) as of Tuesday, South Korean media reported.

The bidders are looking into acquiring about a 70% stake of auto supplier Hanon Systems on sale by majority shareholder, local private equity firm Hahn & Company, as well as second-largest shareholder Hankook Tire & Technology Co Ltd 161390.KS, newspaper Korea Economic Daily reported on Tuesday citing unnamed investment banking sources.

A spokesperson for Mahle declined comment. A spokesperson for Hanon Systems could not be immediately reached. Spokespeople for Carlyle, Bain and Valeo did not have an immediate response.

Read more/Source: Nasdaq