General Motors has shown interest in acquiring 55,4 per cent of Korean manufacturer SsangYong Motor Corporation.
General Motors has shown interest in acquiring 55,4 per cent of Korean manufacturer SsangYong Motor Corporation.
Bidders had been asked to submit letters of intent to purchase SsangYong by December 11. The deadline was extended from December 2 due to the high level of interest displayed.
Surprise bids came from Indian, Chinese and European SUV manufacturers. Ssangyong Motor specialises in sports utility vehicles and accounted for 40 per cent of the Korean SUV market in October.
The manufacturer has been under a debt workout programme since 1999 after its break from the Daewoo Group. General Motors, the world’s largest automaker, signed a deal in April last year to buy Daewoo and now holds a 42 per cent stake.
