Report: Doublestar selected as Kumho buyer

Seoul – Chinese tire maker Qingdao Doublestar has been selected by Kumho creditors as the preferred bidder to acquire a 40% stake in the South Korean tire maker, Nikkei Asian Review announced 19 Jan quoting Kumho.

The Chinese tire maker reported offered around 1 trillion won (€800 million), outbidding other firms such as Shanghai Aerospace Industry Co. (SAIC), Jiangsu GPRO Group Co. of China and India's Apollo.

Doublestar, said Nikkei, is expected to make the South Korean manufacturer part of its group once the deal is closed.

As previously reported by ERJ, Kumho Asiana Group Chairman Park Sam-koo, however, can exercise a right to buy back the stake at the highest bid price.