Quick Take: Qingdao Doublestar Buys 42% of Kumho for $827 million
Leading Chinese tire maker Qingdao Doublestar Co. Ltd. has agreed to buy 42% of South Korean rival Kumho Tire Co. Inc. for 955 billion won ($827 million).
A subsidiary of the Chinese company on Monday signed a share purchase agreement with nine creditors of Kumho Tire, including Woori Bank and Korea Development Bank.
Qingdao Doublestar will become the South Korean tire giant’s largest shareholder if Kumho’s parent company, Kumho Asiana Group, doesn’t buy the shares back within 30 days, according to the agreement.
Since the creditors of Kumho Tire announced sales of the shares in September, several well-known companies, such as French tire maker Michelin Group, China National Chemical Corp. and German automotive manufacturer Continental AG have reportedly shown interest for the deal.
Contact reporter Coco Feng (renkefeng@caixin.com)
- 1Chief Designer of China’s J-20 Stealth Fighter Disappears From Elite Academic Roster
- 2Exclusive: First Chinese Supertanker Loads Saudi Crude via Red Sea, Bypassing Strait of Hormuz
- 3Qatar Helium Shutdown Adds New Risk to Chip Supply Chain
- 4Analysis: China’s Plan to Tackle Weak Demand, Low Inflation
- 5Cover Story: U.S.-Israel War With Iran Drifts Toward Attrition
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas
Sign in with Google
Sign in with Facebook
Sign in with 财新