Hankook Tire not bidding for Kumho Tire share

Speculation is rife in South Korea regarding who’ll acquire the 42.1 per cent shareholding in Kumho Tire that is currently up for sale. Pirelli parent company ChemChina has already been named as a prospective buyer, as have Continental and Michelin. One tyre company can, however, be ruled out as a new Kumho Tire shareholder.

The Korea Herald reports that Hankook Tire believes “there would not be much benefit” in taking a share in its local competitor, given the globalised portfolio that Hankook already possesses. This was the comment made by Hankook Tire chief marketing officer and chief corporate management officer Cho Hyun-bum; he also pointed out that the country’s Fair Trade Commission would be unlikely to approve an acquisition of a significant share in South Korea’s second-biggest tyre maker by its larger rival.