SK Group denies Kumho Tire acquisition report

South Korean conglomerate SK Group has denied speaking with Kumho Tire creditor the Korea Development Bank about a potential acquisition. The denial was issued in response to an article published by a South Korean business daily that suggested SK Group was interested in acquiring around 30 per cent in the tyre maker through a KRW 700 billion (£478.6 million) capital increase.

According to The Korea Herald, the local source also wrote that SK Group additionally offered to acquire a Kumho Tire production facility in China.

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