Renault wants to acquire SsangYong

Jul 23 2010 Ssang Yong after it was ordered to undergo restructuring by the court has been receiving a lot of interest from auto companies seeking to acquire stake in it. It already has the Chinese company SAIC with a 6 per cent stake in it, though its major shareholders are the Barclays Bank as well as Barclays Capital Securities.
Its workers have been striking work for as many as 80 days as protest against the management’s corrupt and unfriendly policies and that has cost the company dear.
However, fresh bidders for this company include Renault, Mahindra and Mahindra from India as well as Seoul Investments. This indicates that these companies still see a lot of value in this company and its car models that are being sold in South Korea. Customers are still buying them making use of the car credit schemes that are being made available to them.
The Indian auto company is the surprise bidder and just goes to show the growing interest of Indian companies in expanding outside that country. After Tata acquired Jaguar, it is now the turn of Mahindra and Mahindra.

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