ChemChina exec denies bid for S.Korea's Kumho Tire

Kumho Tire

10/11/2016 05:46

SEOUL, Nov 10 (Reuters) - China National Chemical Corp 
(ChemChina)  CNNCC.UL  did not bid for South Korea's Kumho Tire 
 073240.KS , a ChemChina executive told Reuters, denying South 
Korean media reports that it was among companies which had 
submitted letters of intent.    
    About 10 parties expressed interest in buying a controlling 
stake in Kumho Tire, the world's 12th-biggest tyremaker and 
South Korea's second-biggest, a source with direct knowledge of 
the matter said on Thursday.  urn:newsml:reuters.com:*:nL3N1BW2VE Analysts said the deal 
could be worth around 1 trillion won ($870.02 million).  
    ChemChina has aggressively bought assets at home and abroad, 
including last year's $7.7 billion purchase of Italian tyre 
maker Pirelli and this year's bid for Syngenta, China's biggest 
overseas acquisition. 
    "Rumor had it about a month ago Pirelli might be bidding but 
after our checks it proved not correct," the ChemChina official 
said, declining to be named as he was not authorised to speak to 
media.  
    A ChemChina representative was not immediately available to 
comment. 
($1 = 1,149.4000 won) 
 
 (Reporting by Chen Aizhu in BEIJING, writing by Hyunjoo Jin in 
SEOUL; Editing by Stephen Coates) 
 ((hyunjoo.jin@thomsonreuters.com; 82-2-3704-5685; Reuters 
Messaging: hyunjoo.jin.thomsonreuters.com@reuters.net)) 
 
Keywords: KUMHO TIRE M&A/CHEMCHINA