Final bidding round for Kumho set for 12 Jan

Seoul – A final round of bids for a 42.1% controlling stake in Kumho Tire will be held by sales manager Credit Suisse on 12 Jan, according to a report by The Korea Times.

As previously reported by ERJ four Chinese companies and India’s Apollo are believed to be the top bidders for the company, led by Shanghai Aerospace Industry Co. (SAIC).

SAIC is a unit under China’s state-owned China Aerospace Science and Technology Corporation (CASC) which specialises in aerospace and automotive industry.

The remaining three bidders are China’s Qingdao Doublestar, Jiangsu GPRO Group, and Linglong Tire Co.

According to The Korea Times, at the end of the bidding process, Kumho Asiana Group chairman Park Sam-koo can exercise a right to buy back the stake at the highest bid price.

Kumho is Korea’s second biggest tire-maker, and the stake sale is expected to reach 1 trillion won (€790 million), said the report.