Kumho Asiana Group Chairman Park Sam-koo remained intent and confident about redeeming Kumho Tire that his deceased father had founded to build the conglomerate, although the price tag has gone up to $870 million from competitive bidding.

“I have secured a financial investor and been recruiting strategic partners” to help him bring the country’s second largest tire maker back to the birth parent, Park told reporters on Monday.

“Strategic partnership could be single, two, or more. We are still in search and could continue even after the acquisition,” he said.

He assured that he has already secured 1 trillion won ($867 billion) to match the offering from the highest bidder in last month’s auction. But a strategic partnership could ensure stable management after acquisition.

China’s Double Star Tyres known to have pulled together $1.5 billion for the acquisition was selected as the preferred bidder for a combined 42.01 percent stake in the Korean tire maker put up by Korean creditor banks by beating two other Chinese contenders.

Park who holds the right of first refusal would have to decide within the month whether to match the price or give up his right to the Chinese bidder.

He snapped: “Think whatever you want,” when a reporter questioned his affordability.

The group separately confirmed the chairman has prepared 1 trillion won for the acquisition and is recruiting strategic investors to ease the burden.

Park sold assets plus management rights after the group ran into liquidity woes following the 2007-2008 financial crisis for its expansion through purchase of now-defunct Daewoo companies in late 1990s. In 2015, he recovered Kumho Industrial. He cannot get assistance from group affiliates as the right of first refusal for the majority stake in Kumho Tire is confined to Park and his eldest son Park Se-chang.

By Kim Jung-hwan

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]