A group led by Nissan expressed interest in buying Ssangyong
By Andrew C., 27 Aug, 2010. 0 Comments
Nissan Logo
Korean carmaker Ssangyong Motor Co. received a bid or an "acknowledgment of an interest for Ssangyong facilities" from a group led by Nissan Motor Co., according to Andrew Palmer, a senior vice president at Nissan. In a document that was sent to investors, advisers Samjong KPMG Advisory Inc. and Macquarie Group Inc. said that what Ssangyong offers buyers is access to Asian and Russian markets. On May 28, these advisers said that seven parties have expressed interest in a controlling stake, which MoneyToday estimates to be worth at least 700 billion won ($572 million).
Sohn Myung Woo, an analyst at Woori Investment & Securities Co. in Seoul, said that the purchase would give Renault's Korean unit much needed capacity in Korea and Nissan will get a chance to begin start production of its own-brand vehicles in the region. Renault has yet to make an official statement with regards to these reports.
Ssangyong said that the sale advisers will shortlist bidders for an auction by June 4. From June 7 to July 16, the candidates will conduct due diligence before submitting binding bids by July 20. Ssangyong entered bankruptcy protection in February 2009. [via autonews - sub. required]
Latest Auto Shows
