Kumho Tire sale on brink of collapse

Seoul – The sale of a 42.01% majority share in South Korea’s Kumho Tire to Qingdao Doublestar has nearly fallen through following a price-cut demand by the Chinese side was rejected, according to local news reports.

Following long disputes over trade mark rights, Doublestar, in August, asked for the price tag to be reduced 16% to 800 billion won, from the original 955 billion won (€778 million) bid in March.

Business Korea reported on 5 Sept that Kumho Tire creditors, led by Korea Development Bank (KDB) had…

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