Ssangyong, the prey of automotive groups...

Since the beginning of the month, Ssangyong is under the control of the Korean court, and a bid has been launched until May 31, 2010.

The manufacturer Ssangyong is in financial trouble since last year and has strong difficulties to maintain its activity, especially as the majority shareholder doesn't want to put more money into the company up to 11%.

Several automotive groups knocks on the door to buy Ssangyong, one of the first was Mahindra, Indian car manufacturer, to have an open door to the Asian market, especially that Ssangyong has two factories (one for the assembly of the vehicle, the other for engines).
The other major automotive group would Renault / Nissan, but especially Renault Samsung Motors would be on the ranks. This would enable it to strengthen its market position in South East Asia, having a more diversified range.
However, a total of seven groups would have worn a bid, the amount of the transaction is estimated between 300 and 500 million dollars.