Kumho sale to industrial consortium lapses.(Kumho Industrial Co. Ltd.'s negotiations with JP Morgan Chase & Co. and Carlyle Group break down regarding Kumho Tire Co. Ltd. unit after negotiations with an investors' consortium involving JP Morgan Chase & Co. and Carlyle Group broke down, reportedly over the sale price)(Brief Article)

European Rubber Journal, January, 2003

[] Seoul, South Korea -- Kumho Industrial Co. Ltd is back to square one regarding its Kumho Tire Co. Ltd unit after negotiations with an investors' consortium involving JP Morgan Chase & Co. and Carlyle Group broke down, reportedly over the sale price.

The companies had signed a memorandum of understanding in February and had expected to close the deal in November. Kumho had reportedly sought up to $1500 million for an 80-percent ownership stake in the tyre business.

Korean media reported the first week of December that the South Korean military pension fund had approached Kumho about buying into the company. Separately, Kumho Industrial reported net earnings of $21.8 million for the nine months ended 30 June on sales of $1500 million.