China National Chemical Corp (ChemChina) did not bid for South Korea's Kumho Tire , a ChemChina executive told Reuters, denying South Korean media reports that it was among companies which had submitted letters of intent.
About 10 parties expressed interest in buying a controlling stake in Kumho Tire, the world's 12th-biggest tyremaker and South Korea's second-biggest, a source with direct knowledge of the matter said on Thursday. Analysts said the deal could be worth around 1 trillion won ($870.02 million).
ChemChina has aggressively bought assets at home and abroad, including last year's $7.7 billion purchase of Italian tyre maker Pirelli and this year's bid for Syngenta, China's biggest overseas acquisition.
"Rumor had it about a month ago Pirelli might be bidding but after our checks it proved not correct," the ChemChina official said, declining to be named as he was not authorised to speak to media.
A ChemChina representative was not immediately available to comment. ($1 = 1,149.4000 won)
