Double Star acquires Kumho Rocks

Recently, the acquisition of Double Star from South Korea's Jinhu , Qingdao, China has finally made conclusive progress. Recently, Kumho Tire creditors, including the Korea Development Bank (KDB), convened a general meeting of shareholders and decided to reject the request for price discounts from China’s Qingdao Double Star.

DoubleStar requested amendments to the Share Purchase Agreement (SPA), saying that due to lower-than-expected KMT profit, Kumho Tire's sales price is expected to drop from KRW 955 billion to KRW 800 billion.

The official from Kumho’s creditors said: “We have discussed the issue of price cuts with Double Star many times, but we have not been able to eliminate the difference and have terminated the SPA as a meeting of the shareholders.”

It is expected that the failure of Kumho Tire's merger and acquisition will lead to the resignation of the group's chairman, but the progress of specific arrangements is still in dispute.

However, it is expected that such variables will continue to exist. Some experts criticized that KDB's unreasonable attempt to sell Kumho Tire had a negative impact, such as disrupting sales channels and performance of Kumho Tire.

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