At a press conference in Seoul today, Kumho Asiana Group Chairman Park Sam-koo stated he has no intention to acquire the share in Kumho Tire currently controlled by the Korea Development Bank and other creditors. Although originally interested in purchasing the 42.01 per cent stake, Park has relinquished his first right of refusal.
Apollo Tyres has denied reports published in India’s Economic Times suggesting that it is about to enter the race to acquire Kumho Tire. An Apollo spokesperson told Tyres & Accessories: “Apollo Tyres strongly denies the story headlined ‘Apollo Back in Kumho Race as Geopolitics Sours China Deal’ that appeared in the print edition of The Economic Times on 2 October, 2017.
Doublestar’s proposed acquisition of Kumho is reportedly close to collapse after the Qingdao-Chinese tyre manufacturer asked for a double-digit discount. According to reports in the Nikkei, Kumho’s major shareholders are planning to write to Doublestar asking the firm to agree to the end of bid talks between the two parties.