PSA Peugeot-Citroen said on Thursday it was not interested in acquiring a controlling stake in South Korea’s fourth-largest automaker, Ssangyong Motor, according to Dow Jones.
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A spokesman for the French car manufacturer was commenting on press reports that its Citroen division had submitted letters of intent to take control of Ssangyong from its creditors, Dow Jones said. “Mergers and aquisitions aren’t part of our current strategy,” the Peugeot spokesman the news agency, adding: “Our internal growth is quite sufficient.”
Dow Jones said bidders for a 55.4% stake in Ssangyong Motor had until Thursday to submit their bids and, according to press reports, at least four overseas car makers have tendered bids.
They include General Motors, Renault, China’s Nanxing Group and Shanghai Automotive Industry Corp., South Korea’s Yonhap Infomax reported on Thursday, Dow Jones said.
