RPT-UPDATE 1-China's SAIC to buy Ssangyong for $500 mln

Newswire

(Repeats to fix typo) SEOUL, Oct 28 (Reuters) - Shanghai Automotive Industry Corp. (SAIC) will buy South Korea's Ssangyong Motor Co. from creditors for about $500 million, an accountant involved in the deal said on Thursday. SAIC has agreed to buy a controlling 48.9 percent stake in Ssangyong, a sport utility vehicle maker, for 10,000 won ($8.88) a share from Ssangyong's creditors, Samil PricewaterhouseCoopers said in a statement. SAIC's buyout will help Ssangyong build a bridgehead ...

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