[
THE INVESTOR] State-owned ChemChina has signed a non-disclosure agreement with
Kumho Tire’s creditors last month and is reviewing acquisition of South Korea’s second largest tire maker, according to Maeil Business Newspaper on Oct. 9.
Park Sam-gu, chairman of
Kumho Asiana Group, has the right of first refusal and is preparing to buy Kumho Tire back as he confirmed on Oct. 10.
The Chinese chemical firm’s bid, however, poses a serious threat to Park’s grand plan to restore his group, experts say. The firm bought Switzerland’s agrochemical company Syngenta for a record US$43 billion, the largest in Chinese corporate history.
It also acquired Italy’s Pirelli, the fifth-largest global tire maker, in March, whetting its appetite for Kumho Tire.
The preliminary bidding for Kumho Tire’s 66,368,844 shares (42.01 percent stake) is scheduled for November, and the final bid for early 2017. Credit Suisse is the sales manager for the sale estimated to be worth 1 trillion won (US$8.98 billion).
By Hwang You-mee (
glamazon@heraldcorp.com)
