It will decide the direction of the current sale of Kumho Tire whether Kumho Industrial allows Korea Development Bank (KDB) to use the trademark rights of the Kumho brand. The KDB thinks that Kumho Tire received approval of the use of the trademark rights of the Kumho brand for the next five years f
Kumho Asiana Group Chairman Park Sam-koo decided not to exercise his right of first refusal to acquire a stake in Kumho Tire. However, he urged creditors for a fair rebid, calling the process of selling led by state-run Korea Development Bank (KDB) “unjust and unfair.” Accordingly, the takeover batt
Creditors of Kumho Tires are likely to start the process of selling the ailing tire manufacturer to a China-based company as the state-run Korea Development Bank (KDB) decided not to accept the requeat by the chief of Kumho Asiana Group to allow him to form a consortiumThe starting date will be arou
It has been found that Kumho Tire’s overseas replacement equipment (RE) sales fell by more than 10% year on year in the first quarter of this year. Its sales dropped in most regions during the period, including Europe, Latin America and Asia. Overseas sales constitute two-thirds of the company’s tot
The chairman of Kumho Asiana Group will not exercise his right to buy back its affiliate Kumho Tire now under creditors' control, unless its creditors give a clear answer to him about forming a consortium for the acquisition, the business group said on April 12.Earlier the creditors, led by the stat
When Kumho Tire is sold to China’s Doublestar, more than 800 technologies owned by Kumho Tire are highly likely to be transferred to China. Accordingly, there are growing concerns that the sale of Kumho Tire, one of the mainstays of the competitiveness in the domestic tire industry, will lead to cor
Kumho Asiana Group and the Korea Development Bank (KDB) are likely to have a legal battle for the sale of Kumho Tire.Kumho Asiana Group raised a question on March 31 over the notification standard of the sales terms of Kumho Tire. The notification of the sales terms is directly connected with the pe
Kumho Tire creditors, including the Korea Development Bank, held a meeting on March 28 and voted down Kumho Asiana Group chairman Park Sam-koo’s demand for a consortium. Instead, they decided to discuss whether to allow a consortium or not again after the chairman comes up with a consortium organiza
The controversies over the sale of Kumho Tire haven’t died down. The Korea Development Bank (KDB) presented an ambiguous proposal on March 24 that it would re-discuss whether to allow Kumho Asiana Group Chairman Park Sam-koo to form a consortium for the purchase of Kumho Tire after reviewing his pla
Joo Hyung-hwan, Minister of Trade, Industry and Energy, told lawmakers at a meeting at the National Assembly on March 20, “When Kumho Tires, which signed a share purchase agreement (SPA) with China’s Doublestar, asks for approval of sale, we will make final decision after consulting with the Ministr
The “approval of the acquisition of a defense company” has emerged as a new variable in the sale of Kumho Tire, for which Chinese tire maker Doublestar was selected as the preferred bidder. Since Kumho Tire supplies tires for Korean military fighters and trainers, a Chinese corporation must pass a r
The Korean creditors of Kumho Tire, including Korea Development Bank (KDB) and Woori Bank, on March 13 signed a share purchase agreement (SPA) in Seoul, South Korea with the preferred bidder China-based Doublestar. The total size of the transaction is 955 billion won (US$810 million).If chairman Par
Kumho Tire announced that it selected Doublestar, a Chinese tire manufacturer, as the preferred bidder for the acquisition of itself. At present, Doublestar ranks 30th or so in the global tire industry and the Chinese company recently raised a private equity fund of approximately 1.7 trillion won to
Kumho Tire Co. has helped Vietnamese women and their children to visit their home country through “South Korea-Vietnam Multicultural Family Visiting Home Country” program, which has been carried out for fifth time this year on January 14, starting from 2013.As part of its corporate social responsibi
The number of bidders for Kumho Tire Co., South Korea’s second-largest tire maker and a capital chance in the merger and acquisition (M&A) market this year, was narrowed down to three, and all eyes are now on how Kumho Asiana Group Chairman Park Sam-koo will deal with China’s huge capital. Market wa