Michelin, Continental looking into Kumho acquisition – report

Seoul – Germany’s Continental AG and the French tire group Michelin are among bidding companies to buy the South Korean Kumho Tire for an estimated price of €7.6 million, according to a news report by Korea Herald on 8 June.

Also among the interested parties is the Chinese state-owned ChemChina, which has been aggressively pursuing acquisition recently.

According to the report, Park Sam-koo, chairman of Kumho Asiana Group, has also attempted to re-buy the tire company by trying to raise funds through setting up a special purpose company.

This move was rejected by creditors as it could potentially lower the value of Kumho Tire, said the report.