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China’s Shanghai Automotive Industry Corp. is set to win a bid to buy South Korea’s SsangYong Motor Co., Chosun Ilbo reported in its Friday edition, citing a creditor source.
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Reuters noted that Shanghai Automotive is competing with an unidentified US pension fund to buy about a 50% stake in Ssangyong, which specialises in sport utility vehicles.
The report said a source was quoted as saying that creditors internally decided to pick Shanghai Automotive over the US fund, and would announce a preferred bidder around next week.
Reuters noted that Ssangyong was put up for sale after creditors took control of the auto maker in 1999 when its parent Daewoo Group collapsed – a deal to sell Ssangyong to a Chinese chemicals firm, Blue Star, fell through in March on price differences.
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