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Kumho deal with Doublestar to go ahead as ex-owner passes right to buy

Seoul – The sale of Kumho Tire’s 42% majority stake to China’s Doublestar Tyre will go ahead as planned as former owner and chairman of Kumho Asiana Group Park Sam-koo is giving up his right to buy the shares, according to South Korean press.

Reports said on 17 April that Park, who had the option to match Doublestar’s bid to buy back Kumho Tire shares from its creditors complained of “unlevelled sales process from creditors by denying him of the chance to form a consortium to…

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