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Kumho Tire creditors propose brand name rights compromise

Company News, International News

It’s more than two months since Qingdao Doublestar Tire was named the preferred bidder to acquire a 42.01 per cent share in Kumho Tire, yet a satisfactory agreement remains elusive. The most contentious point has been the use of the Kumho brand name, with rightsholder Kumho Industrial demanding 0.5 per cent of Kumho Tire’s revenues for 20 years for use of the name – significantly more than the 0.2 per cent for five years as previously agreed between Doublestar Tire and Kumho Tire’s creditors.

10th July 2017/by Tyrepress Editors

Creditors strive to keep Kumho Tire deal alive

Company News, International News

Use of the Kumho brand name was certainly a factor motivating Qingdao Doublestar Tire’s bid for a share in the Korean tyre maker. Although selected as the winning bidder, uncertainty now hangs over the terms under which the Chinese manufacturer can use the Kumho name, and this may suffice for Doublestar to walk away from the deal. Kumho Tire’s creditors are attempting to broker a compromise.

13th June 2017/by Tyrepress Editors

Kumho Tire: Will South Korea’s new President stop sale to Doublestar?

Company News, International News

Moon Jae-in is South Korea’s new President, and this may be bad news for Qingdao Doublestar and its efforts to acquire a controlling share in Kumho Tire. In an article published earlier today, The Korea Times explored the possibility that Moon may prevent the Chinese tyre maker from acquiring Doublestar. According to the financial daily, analysts consider this a very real threat to the deal.

10th May 2017/by Tyrepress Editors

Kumho brand name off-limits to tyre maker’s potential purchaser

The latest development in the negotiations to sell a stake in Kumho Tire is that potential buyer Qingdao Doublestar Tire probably won’t, after handing over KRW 955 billion (£653.6 million) for the 42.01 per cent controlling share, be permitted to use the Kumho name.

28th April 2017/by Tyrepress Editors

Kumho Asiana’s Park no longer interested in Kumho Tire share

Park Sam-koo won’t exercise his right of first refusal to acquire a stake in Kumho Tire. The Kumho Asiana Group chairman has described the Korea Development Bank’s decision to prevent him from funding the acquisition through formation of a consortium as “unfair,” and as a result Kumho Asiana has opted against participating in the sale of the 42.01 per cent shareholding.

18th April 2017/by Tyrepress Editors

Kumho Tire: Can Park afford to match Qingdao Doublestar bid?

Although Park Sam-koo is said to have arranged sufficient funds to buy back a share in Kumho Tire from its creditors, some still doubt the transaction will go ahead. The Investor, the online business news service run by The Korea Herald, comments that many observers question whether Park will be able to pay the KRW 100 billion (£70.5 million) down payment for the deal.

28th February 2017/by Tyrepress Editors

Peter Becker leaving Kumho Tire

Kumho Tire Europe has issued a statement regarding Peter Becker’s intention to leave the company. Becker will reportedly part ways with Kumho at his own request this summer; the tyre maker says specific details regarding his future career plans are “not known at the moment.”

21st February 2017/by Tyrepress Editors

Park has funds for Kumho Tire buyback

Park Sam-koo reportedly possesses the funds needed to buy back a controlling stake in Kumho Tire. The chairman of the Kumho Asiana Group has raised almost KRW 1 trillion (£695 million) to acquire the 42.1 per cent share in Kumho Tire currently held by the Korea Development Bank and other creditors. The funds have been borrowed from financial investors and associates.

10th February 2017/by Tyrepress Editors

Football: Kumho Tire’s Schalke 04 sponsorship extended

Company News, International News

Kumho Tire’s sponsorship of German football club FC Schalke 04 has been extended until 30 June 2018. The tyre maker and Bundesliga protagonist first announced their collaboration at the beginning of 2015, and since then Kumho has been represented on LED signage at the club’s home stadium, Veltins Arena, and utilised other advertising options both in the stadium and in team-related publications. These advertising opportunities continue under the extended deal.

17th January 2017/by Tyrepress Editors

Sources: Doublestar preferred Kumho Tire bidder

Using information received from industry sources, the Yonhap News Agency reported today that Kumho Tire’s creditors are expected to select Doublestar Tyre as the preferred bidder for the 42.01 per cent share in the Korean tyre maker. Yonhap wrote that Doublestar “received the highest score in the evaluation of price offer and other terms” in the round of bidding that closed last week. Doublestar is said to have submitted a bid of around Krw 1 trillion (£692.9 million).

16th January 2017/by Tyrepress Editors

Preferred Kumho Tire bid to be chosen next week

Final bids to acquire a 42.01 per cent shareholding in Kumho Tire are in, and Credit Cuisse, who has managed the deal, has requested additional time in order to review the bidders’ documents. Pulse, Maeil Business Newspaper’s English-language website, posits that the preferred bidder will be picked between 16 and 18 January, and the terms then sent to Kumho Asiana chairman Park Sam-koo.

13th January 2017/by Tyrepress Editors

Park Sam-koo, potential suitors ready for Kumho Tire bidding

A final round of bids for the 42.01 per cent controlling stake in Kumho Tire will be held on 12 January, and according to the Korea Development Bank and other creditors, a shortlist of five preferred bidders are in the running to acquire this share should chairman Park Sam-koo decline a prior offer to match the highest bid and purchase the 42.01 per cent stake himself. The five contenders are Apollo Tyres, Shanghai Aerospace Industry Corp. (SAIC), Jiangsu GPRO Group, Shandong Linglong Tire and Doublestar Tyre.

9th January 2017/by Tyrepress Editors

SAIC bid top in initial Kumho Tire auction

Company News, International News

The Shanghai Aerospace Industry Co., or SAIC, is said to have submitted the highest bid for Kumho Tire in the preliminary auction. According to Maeil Business News Korea’s Pulse website, the value of the SAIC bid hasn’t been disclosed, however “market experts” recently estimated that bidding for Kumho Tire could reach as high as KRW 1 trillion (£685.8 million).

30th November 2016/by Tyrepress Editors

Kumho Tire extends USA basketball sponsorship

International News

Two new partnerships have deepened Kumho Tire USA’s engagement with the NBA. In separate agreements, the company has become the new official tyre of the Atlanta Hawks and the Charlotte Hornets.

18th November 2016/by Tyrepress Editors

US presence makes Kumho acquisition highly attractive for Apollo Tyres

Company News, International News

If at first you don’t succeed, try, try, try again. It is almost three years since Apollo Tyres Ltd’s planned takeover of Cooper Tire & Rubber fell apart, and now the company is in the running to acquire another top-15 global tyre maker. In an interview with Indian newspaper The Hindu, Apollo vice-chairman and managing director Neeraj Kanwar confirmed the submission of a non-binding bid to acquire Kumho Tire, however he also indicated that Apollo Tyres isn’t rushing into anything.

17th November 2016/by Tyrepress Editors