FRANCE: PSA says no bid plans for Ssangyong
PSA Peugeot Citroen has said that it has no plans to bid for Korean SUV maker
Ssangyong Motor. Speculation that PSA may make an offer increased after the South Korean firm's main creditor said Peugeot was a potential buyer and the company confirmed that PSA executives have visited the former affiliate of Daewoo Motor.
Ssangyong Motor has been working hard at separating its operations from Daewoo Motor, having merged with the company three years ago. Although it depends on DaimlerChrysler for its core technology, it has been implementing a recovery plan which it hopes will see it through to financial health and increase its attractiveness to foreign investors.
Although its future remains far from certain, it has been widely expected that Ssangyong would become a more integrated part of DaimlerChrysler.