London – ChemChina has denied having bid for South Korean tire manufacturer Kumho Tire , according to a Reuters report.
The news agency on 10 Nov reported a ChemChina official as having rejected Korean media reports that the company had submitted letters of intent.
Citing “a source with direct knowledge of the matter,” Reuters said about 10 parties had already expressed interest in buying a controlling stake in Kumho Tire.
As ERJ has reported, Kumho Tire’s creditors began a sell-off process for the tire-maker with a public notice of sale on 20 Sept.
The companies aim to pick a “prime bidder” within the first half of 2017.
According to the Korea Herald, nine creditors hold a combined 42.1 percent of Kumho Tire, with Woori Bank and the Korea Development Bank owning 14% and 13.5%, 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.