Cooper Unloads its Kumho Share

Cooper Tire & Rubber Co. says it has completely liquidated its holdings in Kumho Tire. The purchaser, Cayman Islands based company Beacon, is said to have purchased the 10.71 per cent share in the South Korean tyremaker for 108.7 billion won (£54.6 million).

Kumho said in a filing to the Korea Exchange that Beacon had purchased the 7.5 million shares, each valued at 14,501 won, held by Cooper Tire & Rubber. In addition to the 108.7 billion won, Cooper will receive interest backdated to May 31.