Doublestar eyes Kumho stake

China’s Qingdao Doublestar Co. is poised to purchase a 42 per cent stake in the South Korean tyre maker, Kumho in a deal reported to be worth $830 million.

The deal could help turn Doublestar into China’s largest tyre make. However, the deal could be scuppered by Kumho Tires’ chairman, Park Sam-koo who is putting together a consortium to buy stake.

It has been reported that Park is in talks with several strategic investors in a bid to cobble together a deal.