SEOUL, South Korea (Jan. 20, 2017) — China's Qingdao Doublestar Industrial Co. Ltd. has been selected by Kumho Tire Co. Ltd. creditors as the preferred bidder to acquire a 42-percent stake in the South Korean tire maker, according to multiple Asian news reports.
The Chinese tire maker offered around $850 million, the reports said, outbidding other firms identified as Shanghai Aerospace Industry Co. (SAIC), Jiangsu GPRO Group Co. of China and India's Apollo Tyres Ltd.
The share being sold is held by a consortium of banks, including Credit Suisse and Korea Development Bank. The consortium acquired the stake in 2009 when parent Kumho Asiana Group was dealing with serious credit issues.
