Ssangyong takeover candidate likely to be decided as early as next week

(yunhap news)

Ssangyong Motor’s new owner candidate is expected to be decided as early as next week.

According to the automobile industry on the 15th, it was reported that the EL B&T consortium and the Edison Motors consortium, which submitted the proposal for the takeover of Ssangyong Motor, submitted the supplemented bid documents to EY Hanyoung Accounting Corporation, the lead manager of the sale, on the afternoon of the 15th.

After reviewing the documents, Hanyoung Accounting Firm is said to plan to report it to the court next week.

The Seoul Rehabilitation Court is expected to select one preferred bidder and one preliminary bidder by the 20th as early as the 20th after examining the financial evidence of the candidates for the acquisition.

The LBNT consortium is believed to have written in the low 500 billion won range in the main bid, and the Edison Motors consortium was in the late 200 billion won range.

After the acquisition, the court plans to select a preferred bidder by focusing on the ability and financial power to manage Ssangyong Motor.

If a preferred bidder is selected next week, Ssangyong Motor and the preferred bidder will sign a memorandum of understanding (MOU) and then sign an official investment contract.


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