ChemChina denies bidding for Kumho

Reuters reports that ChemChina did not bid for Kumho Tire, citing a ChemChina executive. Roughly 10 parties are said to have expressed an interest in buying a controlling stake in Kumho, which is the world’s 12th-biggest tyre manufacturer. Analysts suggest the deal could be worth around 1 trillion won ($870.02 million).

However, while Reuters’ ChemChina executive declined to be named – apparently because they were not authorised to speak to media – there has been no official confirmation of either the original claim or the denial as Reuters reported: “ChemChina representative was not immediately available to comment.”