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Doublestar inks stock purchase agreement with Kumho creditors – report

Seoul – Chinese tire maker Doublestar Tyre Co. has signed an agreement with Kumho Tire creditors for the purchase of a 42.01% majority stake in the South Korean tire company, according to local reports.

The 955 billion won (€778 million) deal was reportedly inked on 13 March and will also give Doublestar management rights.

According to Puls News, Doublestar has issued a press release promising to “respect independent operation and management” at the Korean company.

Chairman of Kumho Asiana Group Park Sam-koo will have 30 days to decide…

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