Kumho Tire gets China bailout before deadline

In the biggest Chinese outbound M&A deal in Korea, Qingdao Doublestar agrees to buy 45% of the South Korean tyre maker for $597 million with the threat of bankruptcy looming.

China’s privately-held Qingdao Doublestar will invest W646 billion ($597 million) for a controlling stake in Kumho Tire, the Shenzhen-listed company announced on Monday, striking a cut-price deal to take control of the debt-laden South Korean tyre manufacturer after dropping its initial bid last year. 

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