Foreign reports on SAIC Motor’s acquisition of South Korea's Ssangyong SAIC BlueStar who preoccupied Sina Automotive News According to Bloomberg News, December 18, Shanghai Automotive Industry Corp. received government approval to become Ssangyong Motor Co. of South Korea. ) The exclusive Chinese purchaser. According to relevant sources, SAIC Motor has obtained the approval of the National Development and Reform Commission for the acquisition of Ssangyong Motor. As South Korea's fourth-largest automaker, Ssangyong Motors was sold after the parent company Daewoo Group was overwhelmed by US$80 billion in debt in 1999. South Korea’s Chohung Bank and 27 other creditors will sell 55.4% of the company’s shares. Previously, it was reported that China Blue Star (Group) Corp. became the preferred bidder for Ssangyong Motor this week, but did not obtain the Chinese government's agreement to acquire the Korean auto company. A spokeswoman for the Bluestar Group said that Bluestar is still invited to sign an agreement in Seoul next week to finalize its $1 billion acquisition. She said it was unclear whether the Bluestar Group had received approval from the government for the acquisition.
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