This means that the Kumho Tire acquisition that lasted for nearly two years has finally entered the "end" stage.
Kumho Tire Headquarters
The President of South Korea expressed his support
According to reports, on March 30, 2018, relevant personnel from South Korea’s Blue House met with the media and expressed the concern of South Korean President Wen Yujun regarding the acquisition of Kumho Tire by Double Star.
They said that Kumho Tire’s acquisition will try to eliminate political factors and view the issue from a purely economic perspective.
The South Korean government hopes that all parties, including trade unions, can share the pain, start from the overall situation, introduce Chinese capital, and realize the normalization of Kumho tires as soon as possible.
On the afternoon of March 30, 2018, Wen Chengxian, Chairman of the Korea Economic and Social Development Labor and Capital Management Committee, Li Dongjie, President of the Korea Credit Bank, Korea Industrial Bank, Zhao Sanxiu, Deputy Chairman of the National Metal Trade Union Kumho Tire Branch, and Kumho Tire Representative Director Jin Zongxi and others conducted more than four hours of consultation and reached an agreement to introduce Double Star Capital. On the same day, Kumho tire shares rose by nearly 29%.
On April 1, 2018, about 92% of the members of the trade union voted on the normalization of management and labor agreements, overseas sales, and self-rescue programs. They eventually passed the majority of the votes.
In view of the result of the vote agreeing to sell, the creditor company will sign a final sale agreement with Double Star and Kumho Tire will be back on track.
It is understood that since March 2, 2018 when Double Star and Korea Development Bank agreed to purchase Kumho Tires, many South Korean government officials expressed their opinions and supported Double Star as the majority shareholder of Kumho Tire.
In the meantime, the 1,500 management, technology, and marketing personnel of Kumho Tire also conveyed to the labor union an instruction manual in favor of the introduction of Double Star Capital. However, due to emotional factors and concerns about employment protection after the double-star merger, the union has not made a decision and has even gone on strike.
The Chairman of Double Star Settles in South Korea
In order to persuade labor unions, Korea Industrial Bank has announced some of the contractual components of Double Star’s “three-year employment protection†after the acquisition, as well as plans and plans for the development of Kumho tires by Double Star.
In mid-March 2018, DoubleStar invited some executives and mainstream media from Kumho, South Korea, to visit its intelligent factory in Qingdao, Shandong Province.
On March 22, 2018, Chuang Yongsen, chairman of the Double Star Group, flew to Seoul, South Korea to hold a media meeting to express their opinions and opinions on issues of concern to the Korean trade unions and the community.
On March 23, 2018, Chai Yongsen and leaders of Korea Industrial Bank visited Kumho Tire's Korean Gwangju factory to meet with managers and related individuals.
At the meeting, Chai Yongsen received a letter from representatives of 1,500 Kumho Tire employees, including management, technology, and marketing personnel. In their letter, they expressed their wish and other wish for Binary to become a major shareholder.
Chai Yongsen (right) receives a letter from Kumho Tire staff representative
On March 24, 2018, Chai Wing Sum drafted a reply for Kumho Tire employees.
He said: “Kumho people created the excellent brand and glorious past of Kumho Tire with wisdom and hands. As long as Twin Star and Kumho people work together, they will surely be able to achieve greater glory.â€
Chai Yongsen also said that the roots of Kumho Tires are in South Korea and they can only be rooted.
He believes that whether it is from the perspective of maintaining Kumho Tire's Korean market, or from the perspective of developing Kumho Tire's global market, it is necessary to make Kumho Korea better.
From March 25 to March 30, 2018, Kumho Tire Creditor Group conducted in-depth communication and exchanges with labor unions and all walks of life to reach the above-mentioned agreement and voted on April 1, 2018.
Chai Yongsen said that Double Star is confident that the Kumho brand will be a famous brand of the world's tires, and will become an important role of the world's tires.
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