Apollo Tyres named as potential Kumho buyer

According to The Economic Times, Apollo Tyres has shown interest in acquiring Kumho Tire. The Indian financial daily says Apollo is competing with Chinese firms Shandong Linglong Tire and ChemChina to acquire the South Korean tyre maker, a transaction said to be valued at US$900 million.

The Economic Times adds that the three abovementioned companies are “among four suitors shortlisted” – the fourth named is Michelin, however the publication notes it was unable to independently confirm the French tyre maker’s interest in Apollo Tyres. Continental AG, Goodyear Tire & Rubber and Yokohama Rubber were also named as firms that had previously considered bidding for the company.