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.
March 05, 2018

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. 

¬ Haymarket Media Limited. All rights reserved.

Sign in to read on!

Registered users get 2 free articles in 30 days.

Subscribers have full unlimited access to FinanceAsia.

Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial.

Questions?
See here for more information on licences and prices, or contact [email protected].

Related Articles

Kumho-Asiana leads race for Korea Express

The Korean conglomerate wins a hotly contested auction to emerge as the preferred bidder for a controlling stake in the local logistics company.
January 17, 2008

Kumho Tire roadtests IPO

Korean Tire manufacturer presents investors with a turnaround story less than two years after its forced sale to the Military Mutual Aid Association.
January 17, 2005