Shanghai Automotive Industry Corp. (SAIC) commits to negotiate the acquisition of 48.9% of Ssangyong Motor Corp. Ltd. from the South Korean auto maker’s creditors. SAIC’s offer is worth 427 million won ($366 million), a statement issued by Seoul-based Chohung Bank says. Ssangyong Rexton The figure undercuts the $500 million figure that has been circulating in Korean newspapers. Chohung Bank, which owns 55.4% of Ssangyong’s shares, named SAIC the winning bidder on July 23. SAIC ...
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