China's Doublestar acquires 45% stake in SK's Kumho Tire for $597m

China's Doublestar acquires 45% stake in SK's Kumho Tire for $597m

Chinese 100 yuan banknotes and a U.S. one dollar banknote are seen in this file picture illustration taken in Beijing, China, January 21, 2016. REUTERS/Jason Lee/Files

China’s Qingdao Doublestar Co Ltd said on Monday that its parent had agreed to pay 646.3 billion won ($597.4 million) for a 45 percent stake in South Korea’s troubled Kumho Tire Co Inc.

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