Local player joins bidders for Kumho Tire

Seoul – Mid-sized Korean tire retailer Tire Bank, has joined the race to acquire South Korea’s second largest tire manufacturer Kumho Tire, according to local press reports.

The Korea Herald and other Korean news papers reported 27 March that the Daejeon-based company placed its bid, just four days before a deadline set by creditors to inject capital into Kumho.

The reports did not indicate whether the bid is for the 45% share of Kumho, owned by creditors, or for the entire ownership.

Korean news agency Yonhap said Tire…

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