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·Qingdao Double Star annexed South Korea's Kumho tires
After two years, the largest M&A case of China's tire industry finally came to an end on April 10, 2018. Qingdao Double Star Co., Ltd. announced that Qingdao Double Star Group has successfully controlled South Korea's Kumho Tire. After this overseas acquisition, Qingdao Double Star became the largest tire company in China.
According to the announcement issued by Qingdao Double Star on the same day, Double Star Group and its subsidiaries, Star Micro Korea Co., Ltd. and Kumho Tire Co., Ltd. and Kumho Tire Creditors signed the “Share Subscription Agreement†on behalf of Korea Industrial Bank (hereinafter referred to as “KDBâ€). "Shareholders Agreement", Xingwei South Korea will invest 644.3 billion won to subscribe for 129,267,129 ordinary shares of Kumho Tire at a price of 5,000 won/share, accounting for 45% of the total number of shares after the release of Kumho Tire Co., and become Kumho Tire Controlling shareholder.
Due to the large capital demand for Qingdao Double Star in business development and actual operation, in order to alleviate the financial pressure of listed companies, this overseas acquisition of part of the shares of Kumho Tire is jointly funded by Double Star Group and other investors. Double Star Group promises to eliminate horizontal competition in the future within 5 years after the completion of project delivery, through legal compliance, including but not limited to asset injection.
Kumho Tire is the second largest tire manufacturer in Korea with a history of 58 years. It ranks 14th in the world and Qingdao No. 34 is ranked 34th. The former, currently with a global design capacity of about 60 million, is distributed in eight tire production plants around the world.
This snake-swallowing cross-border M&A has suffered from various obstacles, including political factors and trade union obstruction, from the beginning. Qingdao Double Star (000599) Securities Department introduced that in 2016, the Double Star Group began to participate in the acquisition of South Korea's Kumho Tire, but it was affected by the political influence of the Sade crisis. The Kumho Tire Trade Union and some politicians also opposed it. The sensational cross-border M&A case in September 2017 has come to an end. Since then, South Korea's Kumho tires have not given up and took the initiative to find the door, Qingdao Double Star also intends to continue restructuring, the already terminated merger has actually "returned to life."
In fact, on March 2, 208, Qingdao Double Star reached an agreement with the Kumho Tire Credit Union headed by the Korea Industrial Bank. Double Star will hold a 45% stake in Kumho Tire by capital increase, but this is a key obstacle to cross-border M&A. How to get the consent of the union.
According to the Yonhap News Agency, the Kumho Tire Trade Union voted at the Gwangju plant on April 1st, with 2,741 union members voting (91.8% participation rate), 60.6% of the 1,660 people were in favor of the sale, and 1052 were against it. In view of the vote to agree to sell, the creditor group will sign a sale agreement with Qingdao Double Star, which has become a key turning point in the entire merger.