Qingdao Double Star may consume approximately 42% of Kumho Tire with 800 million U.S. dollars

Recently, the domestic tire manufacturer Qingdao Double Star and South Korea's nine largest banks formally signed an agreement to acquire a 42.01% stake in Kumho Tire, which is held by its name, at a price of approximately 955 billion won (approximately US$8.249 billion). According to the transaction agreement, if Kumho Group’s actual controller Park Sangoku does not exercise the priority buyback right within 30 days, DoubleStar will become Kumho Tire’s largest shareholder.

It is reported that the share price of the company is RMB 66.66 million, and Qingdao Double Star is offering 14,389 won per share, about 80% higher than the current share price of 8,220 won for Kumho.

Qingdao Double Star Tire Products

According to reports: Double Star will ensure that after becoming the largest shareholder of Kumho Tire, it will still ensure the independent operation of Kumho Tire. Both will cooperate with each other at the strategic level to achieve a win-win situation in the areas of branding and sales, and expand their influence in the world's tire industry.

Since its establishment 57 years ago, Kumho Tire has been the second largest tire company in Korea. It has five R&D centers and eight factories in South Korea, China, and the United States, and has a global sales network.

Since 2015, Kumho Tire has suffered a slight loss due to the pre-debt reorganization, South Korea’s trade unions, and the declining sales volume in the Chinese market, resulting in a modest loss in market value. With the adjustment of the Korean government’s financial policies, the debtor’s plan to sell 42.01% of its Shares.

Kumho Tire Office Area

As one of China's top five TBR manufacturers, Qingdao Double Star is also one of the fastest growing companies in the tire industry in China. Its wear-resistance, load-resistance, and good service in mining tires, medium-to-long-distance tires, short-to-medium tires, urban public transportation tires, etc. , enjoy a high reputation in the market.

Some people think that this acquisition will help Kumho to better solve the current problems, and further consolidate the status and advantages of Qingdao Doublestar in the Chinese market. It is expected to become the largest tire manufacturer in China immediately and quickly enter the global tires. 10 people.

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