Reports: ChemChina interested in Kumho
ChemChina is said to have expressed interest in Kumho Tire Co., according to Korean news source. Citing “industry sources” Pulse News said ChemChina “signed a non-disclosure agreement (NDA) with creditors of Kumho Tire last month and began preparing for an official bid. The Chinese company selected Boston Consulting Group to advice on the deal.”
To be successful ChemChina would have to exceed any offer made by Kumho Asiana Group chairman Park Sam-koo who has first refusal.
A total of a 42.01 per cent stake, or 66,368,844 shares, in Kumho Tire would be up for sale in a preliminary auction set for early November.