Doublestar Being Blocked from Kumho Name
China-based Doublestar Tyre Co.’s plan to take majority share of Kumho Tire Co. may be in jeopardy, according to Korean media.
Doublestar Forms Consortium to Buy Kumho
Qingdao Doublestar’s finances are now in doubt after the Chinese tiremaker reportedly took out a large loan and set up a consortium to acquire the 42% controlling stake in Kumho Tire, Korean media reports.
Doublestar Continues Pursuit of Kumho Amidst Controversy
The saga continues in the sale of the majority share of Kumho Tire Co. According to South Korean media, leading bidder Qingdao Doublestar Tyre Co. is fighting back after growing pressure to prevent the tiremaker from purchasing the 42% majority share of Kumho.
Report: Politicians Urge Creditors Not to Sell Kumho Tire to China
South Korean politicians have voiced their concerns about the pending Kumho Tire/Doublestar Tyre Co. deal, asking the Korea Development Bank (KDB) and other creditors not to sell to a Chinese company, the Korea Times reports.
Report: China’s SAIC Tops Kumho Bids
A new player has reportedly joined the race to acquire the controlling stake in Kumho Tire, and could possibly be the strongest contender. The Chinese state-owned aerospace and automotive firm Shanghai Aerospace Industry Co. (SAIC) reportedly placed the highest bid to acquire 42% stake in Kumho Tire in late November, Korean media reports. The amount bid
Report: Kumho Tire Sale Attracts 10 Bidders
Reuters is reporting that 10 different parties have expressed interest in purchasing the controlling stake of Kumho Tire Co., according to an industry source. A group of creditor banks, including Korea Development Bank, started taking bids for their 42% stake in Kumho Tire in September. Interested parties were not named, but previous rumors had several
Report: Creditors Prepare to Sell Kumho Tire Share
After no moves were made it August, Reuters has reported creditors of Kumo Tire are still preparing to sell their 42% share in the tire company. It is estimated Kumho Tire could sell for at least 1 trillion won (about $870 million). A spokesperson for Korea Development Bank, Kumho Tire’s largest shareholder, told Reuters the deadline
Report: Kumho Tire Bidding Expected in August
Following rumors that Continental AG, Michelin and ChemChina are in talks to bid for Kumho Tire Co., South Korean media reports that creditors of the tiremaker are poised to sell their combined 42.01% stake in the company as early as August. The local brokerage industry estimates Kumho Tire could sell for at least 1 trillion
Kumho Tire VP Named Kumho Asiana CEO
The Kumho Asiana Group has appointed vice president of Kumho Tire Co., Park Se-chang, as the group’s CEO, Tires & Accessories reports. Park, the 40-year-old son of group Chairman Park Sam-koo, will lead Kumho Asiana’s strategic management unit with current CEO Seo Jae-hwan. Last year, Park was promoted to co-CEO from senior vice president, but
Kumho Asiana Regains Control of Holding Company
Kumho Asiana Group has taken back control of its holding company Kumho Industrial, according to the Korean Times. In 2009, Kumho Asiana Group had to sell off its controlling stake in the holding firm as part of its creditor-managed workout program. Kumho Chairman Park Sam-koo has been working on regaining control of the company for