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Renault confirms joint bid for Korea's Ssangyong

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Renault confirms joint bid for Korea's Ssangyong

June 7, 2010 15:16 CET

PARIS (Reuters) -- Renault SA confirmed it has submitted a letter of intent to buy South Korean SUV maker Ssangyong Motor Co., together with Japanese partner Nissan Motor Co. and South Korean subsidiary Renault Samsung Motors.

A Renault spokeswoman would not provide further details.

Ssangyong Motor said on Friday it had shortlisted six out of seven firms submitting letters of intent to buy the troubled carmaker, under court-led restructuring since early 2009.

Ssangyong had declined to disclose the disqualified bidder among the seven, which included Renault and India's top utility vehicle maker, Mahindra & Mahindra Ltd., for a deal worth up to $500 million.

South Korea's smallest carmaker is 6.2 percent owned by China's SAIC Motor Corp.

Barclays Bank Plc. and Barclays Capital Securities Ltd. are Ssangyong's largest shareholder with a combined stake of 8.02 percent, Ssangyong said in a separate filing to the stock market on Friday.

Read more: http://www.autonews.com/apps/pbcs.dll/article?AID=/20100607/ANE/306079920/1193#ixzz0qBZ6DFbH

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