UPDATE 2-SAIC to buy control of Ssangyong for $500 mln

Newswire

(Recasts with signing of the deal) SEOUL, Oct 28 (Reuters) - Shanghai Automotive Industry Corp. (SAIC) signed an agreement on Thursday to buy a controlling stake in South Korea's Ssangyong Motor Co. from creditors for about $500 million, the Korean car maker said. SAIC agreed to buy 48.9 percent of Ssangyong, a sport utility vehicle maker, for 10,000 won ($8.88) a share, Ssangyong said in a filing to the Korea Stock Exchange. The value represents a 46 percent premium to the current ...

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