A Saudi Arabian prince has reaffirmed his intention to take over South Korea’s Ssangyong Motor Co., but said he could turn his attention to troubled Mitsubishi Motors if the deal failed, a South Korean newspaper said on Thursday, according to Reuters.

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Ssangyong, South Korea’s fourth-largest car firm, has been up for sale since creditors took control of the debt-laden company in 1999 when its parent Daewoo Group collapsed under a mountain of debt.


Local media have reported Saudi Prince Sultan Bin Bandar Al-Faisal had hoped to deliver a letter of intent to hold negotiations with Ssangyong’s creditors, the report said.


“Grouptech Saudi has secured $US500 million in cash for acquisition of Ssangyong Motor,” a business aide to the prince was quoted as saying in the Maeil Business Newspaper.


Grouptech Saudi is a company backed by the prince that invests in the information technology industry and property development projects, the report said.

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Creditors signed a pact with Shanghai Automotive Industry Corp. (SAIC), China’s second-largest vehicle maker and a partner of General Motors, on the sale of Ssangyong in late July.


Officials at main creditor Chohung Bank reportedly said they had not received any official letter from the prince concerning a possible takeover.


“The buyout of Ssangyong Motor is the best option but if that deal fails, we are looking at ways to take over Japanese car companies such as Mitsubishi Motors Corp.,” the aide added.


The prince’s company has contacted Nissan Motor Co. and Honda Motor Co. as well as Mitsubishi, the report said. It also said that Mitsubishi Motors was considering selling one of its overseas plants to his firm, Reuters added.