Seoul – Kumho Tire Co.’s creditors are expected to begin a sell-off process for the tire-maker with a public notice of sale around 20 Sept, according to a report by Korea Herald.
The companies, said the report, aim to pick a “prime bidder” within the first half of 2017.
According to Korea Herald, nine creditors hold a combined 42.1 percent of Kumho Tire, with Woori Bank and the Korea Development Bank owning 14 percent and 13.5 percent, respectively.
Earlier in June, the newspaper said that Germany’s Continental AG and the French tire group Michelin were among those bidding companies to buy South Korea’s number 2 tire-maker.
The report put an estimated price of €7.6 billion for Kumho.
Also among the interested parties is the Chinese state-owned ChemChina, which has been on the acquisition trail recently.