Shanghai Auto signs pact on Ssangyong, targets China

Newswire

SEOUL, July 27 (Reuters) - Shanghai Automotive Industry Corp. (SAIC) signed on Tuesday a pact to buy South Korea's Ssangyong Motor Co. and said it aimed to help the sports utility vehicle maker expand in the fast-growing Chinese market. Creditors of Ssangyong , which also makes luxury sedan models, signed a binding memorandum of understanding with the Chinese auto maker on a deal reported to worth about $500 million -- a 40 percent premium over the current stock price. "SAIC will explore ...

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