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No extension for Kumho Tire receivership deadline

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Sale agreement or receivership – according to creditors, 30 March remains the deadline for Kumho Tire. Yonhap News Agency writes that Lee Dong-gull, chairman and chief executive officer of the Korea Development Bank, has ruled out an extension to this deadline. This means that should its labour union not agree to Qingdao Doublestar Tire’s purchase of a 45 per cent share in the company, from Monday 2 April Kumho Tire will be bankrupt and placed under court receivership.

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  1. KDB dismissive of new offers on Kumho Tire
  2. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  3. New Kumho Tire asking price a chance for Park Sam-koo
  4. Kumho Tire – can a Doublestar acquisition still take place?
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KDB wants a no-strike clause in Kumho/Doublestar deal

Korea Development Bank (KDB), the main creditor of Kumho Tire, has plans to put a no-strike clause in Doublestar’s current bid to buy Kumho.

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Related news:

  1. Reports: Doublestar/Kumho acquisition close to collapse
  2. Doublestar back in pole-position for Kumho purchase
  3. Apollo Tyres ‘has no intention’ of entering Kumho acquisition race
  4. Kumho Tire CEO ‘grateful’ for dealers’ support as first post-acquisition tyre launched
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Doublestar back in pole-position for Kumho purchase

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Having previously been ruled out of the running to buy Kumho Tire, Qingdao, China-based manufacturer Doublestar Tire is once again in pole-position to buy the South Korean tyremaker. “Doublestar Tire is the best option in view of a fast restoration of Kumho Tire and its corporation in China and the minimization of our losses”, Kumho’s creditors said in a widely reported statement.

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Related news:

  1. Doublestar the only bidder left to buy Kumho
  2. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  3. Kumho Tire proposal ‘tentatively’ accepted
  4. Why Doublestar’s Kumho purchase is a good idea
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Kumho Tire – can a Doublestar acquisition still take place?

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The Korea Development Bank (KDB) has denied finalising the sale of a 42.01 per cent share in Kumho Tire to Qingdao Doublestar Tire, but that’s exactly what we’d expect it to do until all the ‘i’s are dotted and ‘t’s crossed. Negotiations between Kumho Tire’s creditors and Doublestar recently recommenced, however The Korea Herald has quoted a KDB official as stating “nothing has been finalised.”

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Related news:

  1. Kumho Tire proposal ‘tentatively’ accepted
  2. Doublestar acquires 45% share in Kumho Tire
  3. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  4. Kumho Tire acquisition: Is a tyre maker behind Tire Bank bid?
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Kumho Tire’s net losses deepen

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Kumho Tire Co., has reported net losses of 88.56 billion won (US$81 million) for 2017, up significantly from 37.9 billion won a year earlier, according to the Yonhap news agency’s translation of a regulatory filing on the matter.

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  1. Kumho Tire tipped to exit workout programme this year
  2. Kumho 2013 performance lags behind prior year
  3. South Korean Manufacturers Sign OE Deals
  4. Kumho Edges Closer to Sale of Daewoo Engineering
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Orion completes Korea Carbon Black plant

Orion Engineered Carbons has completed construction of a new carbon black production line at its plant in Yeosu, South Korea, to produce specialty products. The line started production on 23 November and has begun commercial sales.

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Union asks South Korea to address Kumho Tire’s employee relations in USA

Leo W. Gerard, president of US-based trade union the United Steelworkers (USW), has sent a letter to South Korea’s President in which he raises concerns about Kumho Tire’s dealings with its workforce in the United States. The USW comments that this correspondence with Moon Jae-in addresses Kumho’s “union-busting actions towards its workers” and asks the South Korean government to intervene and “ensure that the workers are free to exercise their democratic rights.”

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Related news:

  1. Tom Conway appointed USW international president
  2. Tyre makers show interest in buying Kumho Tire stake
  3. Doublestar wants Kumho Tire stake for KRW 800 billion
  4. U.S. Senator to Goodyear: Workers are ‘tired of this corporate race to the bottom’
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Apollo Tyres ‘has no intention’ of entering Kumho acquisition race

Apollo Tyres has denied reports published in India’s Economic Times suggesting that it is about to enter the race to acquire Kumho Tire. An Apollo spokesperson told Tyres & Accessories: “Apollo Tyres strongly denies the story headlined ‘Apollo Back in Kumho Race as Geopolitics Sours China Deal’ that appeared in the print edition of The Economic Times on 2 October, 2017.

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Related news:

  1. Reports: Doublestar/Kumho acquisition close to collapse
  2. Doublestar back in pole-position for Kumho purchase
  3. Doublestar the only bidder left to buy Kumho
  4. Kumho takeover implosion isn’t the end of market consolidation attempts
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Reports: Doublestar/Kumho acquisition close to collapse

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Doublestar’s proposed acquisition of Kumho is reportedly close to collapse after the Qingdao-Chinese tyre manufacturer asked for a double-digit discount. According to reports in the Nikkei, Kumho’s major shareholders are planning to write to Doublestar asking the firm to agree to the end of bid talks between the two parties.

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Related news:

  1. Apollo Tyres ‘has no intention’ of entering Kumho acquisition race
  2. Doublestar back in pole-position for Kumho purchase
  3. Doublestar the only bidder left to buy Kumho
  4. Kumho takeover implosion isn’t the end of market consolidation attempts
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Doublestar wants Kumho Tire stake for KRW 800 billion

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On Friday, we reported that Chinese tyre maker Qingdao Doublestar Tire was angling for a ten per cent discount on the 42.01 per cent stake in Kumho Tire it wishes to acquire. Not so, wrote The Korea Times over the weekend – according to its sources, Doublestar wants creditors to cut the price to KRW 800 billion (£544.6 million), a discount of 16.2 per cent on the original bid price.

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Related news:

  1. New Kumho Tire asking price a chance for Park Sam-koo
  2. Tyre makers show interest in buying Kumho Tire stake
  3. Creditors, Doublestar Tire receive final offer for use of Kumho brand name
  4. Kumho Tire proposal ‘tentatively’ accepted
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Court rules Hankook Tire partially responsible for worker’s cancer death

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A South Korean court has ordered Hankook Tire to compensate the family of a former worker who died of lung cancer in 2015. According to an article published by The Korea Herald last Friday, the Seoul Central District Court ruled that the tyre maker was “partially responsible for the death of a factory worker surnamed Ahn who died of lung cancer caused by toxic chemicals.”

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Related news:

  1. Hankook Tire CEO Cho receives suspended prison sentence
  2. Technodome – Hankook Tire opens new R&D centre in Korea
  3. Hankook Tire not bidding for Kumho Tire share
  4. Hankook Technodome gains ISO/IEC 17025 certification
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Kumho Tire proposal ‘tentatively’ accepted

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Although it’s probably too early for champagne corks to pop, progress has been made in the Kumho Tire shareholding negotiations. Yonhap News Agency writes that the tyre maker’s creditors have “tentatively agreed to accept original proposals” made by Kumho Asiana, adding that this may pave the way for creditors to complete the sale of the 42.01 per cent shareholding to Qingdao Doublestar Tire.

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Related news:

  1. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  2. New Kumho Tire asking price a chance for Park Sam-koo
  3. Kumho Tire – can a Doublestar acquisition still take place?
  4. Doublestar back in pole-position for Kumho purchase
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Abu Dhabi firm invests in Nexen Tire, signs MoU

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Abu Dhabi-based investor Mubadala Investment Company has Nexen Tire on its radar, and this has led to the signing of a Memorandum of Understanding between the two firms. According to Nexen Tire, the agreement its chief executive officer Travis (Ho-chan) Kang formalised yesterday with Khaldoon Khalifa Al Mubarak, Mubadala’s managing director and group chief executive officer, sets out ways and means for both parties to “explore strategic partnership opportunities.” Mubadala has directly invested into Nexen as part of the agreement, however so far the tyre maker hasn’t disclosed the extent of this investment.

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Creditors, Doublestar Tire receive final offer for use of Kumho brand name

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Negotiations over the use of the Kumho brand name are drawing to a conclusion, with Park Sam-Koo and the board of Kumho Industrial Co. announcing their final offer following a meeting yesterday. This offer centres on the payment of 0.5 per cent of Kumho Tire’s sales in brand royalties for 12.5 years and a clause ensuring that Doublestar uses the Kumho name for the entire period.

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Related news:

  1. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  2. Kumho brand name off-limits to tyre maker’s potential purchaser
  3. Kumho Tire: Will South Korea’s new President stop sale to Doublestar?
  4. New Kumho Tire asking price a chance for Park Sam-koo
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