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 major tire manufacturers named as possible buyers. Potential buyers are rumored to include Bridgestone Corp., Continental AG, Michelin and ChemChina.
Kumho Asiana Group Chairman Park Sam-koo has right of first refusal to repurchase the Kumho Tire stake, but he would have to match the highest bidder. According to Korean media, it’s not likely Park will have enough funds to make the purchase.
The sale price of Kumho Tire is expected to reach roughly $870 million.
