Renault, Nissan and Samsung Join Forces to Buy SsangYong
According to a Reuters report, Renault has already confirmed its interest in SsangYong, but its bid also involves Japanese partner Nissan and the South Korean division Renault Samsung Motor. In other words, the three are trying to take over SsayongYong, most likely in an effort to consolidate their position in this part of the world.
Obviously, details are still secret, but SsangYong recently revealed that the list of interested bidders now consists of 6 names, one of which is India's carmaker Mahindra & Mahindra. Older speculation pointed to a $500 million bid.
All parties involved, regardless if we're talking about Nissan, SsangYong, Renault, Samsung or Mahindra & Mahindra, are tight-lipped when it comes to the current state of negotiations.
SsangYong is 6.2 percent owned by SAIC Motor Corporation, with Barclays Bank Plc. and Barclays Capital Securities Ltd. holding a stake of 8.02 percent. Indian car manufacturer Mahindra initially intended to buy a majority stake in SsangYong in 2003, when its holding company, Daewoo went bankrupt and creditors put on sale a stake of 54 percent of the company. However, Mahindra pulled out of the race as it believed that SsangYong didn’t fit into its plans for international expansion.