Renault, Nissan and Mahindra are in the running to buy troubled Ssangyong Motor
By Andrew C., 30 Aug, 2010. 0 Comments
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Which of the seven foreign and South Korean companies that filed letters of intent for troubled South Korean SUV maker Ssangyong Motor is likely to win? Renault SA, Nissan, and Mahindra & Mahindra are included in this list of companies that were able to meet the Friday deadline for this deal that's reportedly worth $500 million. Ssangyong is 10% owned by China's SAIC Motor. Citing sources, Reuters reported that any interest would originate from Renault-Nissan, instead of its Renault Samsung Korean unit. However, a review of Ssangyong may just turn up nothing of interest to the Franco-Japanese alliance. Since early last year, Ssangyong has been in court-led restructuring as it was hit by the economic crisis. Earlier this month, a Seoul court started the sale process this month, and is expected to receive binding bids by July 20 to choose a preferred buyer during August. The bidders for Ssangyong Motor have yet to provide official statements regarding the matter.
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