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June 27, 2022updated 29 Jun 2022 9:03am

KG Group, SBW fight to take over Ssangyong

The two groups will go head to head to take over the struggling SUV maker.

South Korean clothing company Ssangbangwool (SBW) announced it had submitted a bid to take over bankrupt automaker Ssangyong Motor Company, in an auction run by accounting firm EY Hanyoung, the automaker’s court-appointed leading administrator.

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EY Hanyoung said SBW was the only company to submit a bid by its 24 June deadline other than the leading bidder, a consortium led by chemical to steel firm KG Group.

The two groups will go head to head to take over the struggling SUV maker with the winner to be decided based on the eventual highest value bid.

An SBW spokesperson said, in addition to the financial bid, it had also “suggested some meaningful conditions to acquire Ssangyong” without elaborating further.

The auction came exactly three months after the winner of the previous auction for Ssangyong, a consortium led by local electric vehicle (EV) manufacturer Edison Motors, failed to make the main and final payment to acquire the automaker which led to the annulment of the deal.

The leading bid in the current auction, by the KG led group, is understood to be three times the amount of the KRW305bn winning bid by Edison Motors in the last auction for Ssangyong. The deadline for completing the acquisition has been extended to 15 October.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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