Business Services Industry
SHANGHAI AUTOMOTIVE TO ACQUIRE SSANGYONG MOTOR.
AsiaPulse News, October, 2004
SEOUL, Oct. 25 Asia Pulse - The acquisition of Ssangyong Motor Co (KSE:003620), the fourth-largest automaker in South Korea, by China's Shanghai Automotive Industry Corp. (SAIC) is on the verge of going through, industry sources said Sunday.
According to the sources, the Chinese automaker and Ssangyong Motor are scheduled to make a sales and purchase agreement on Thursday.
The development followed the labor union and management of Ssangyong Motor resolving most differences last week surrounding working conditions in the wake of the acquisition. SAIC delegated negotiating power to Ssangyong Motor's management to deal with demands by the unionized workers.
As the price negotiations have been concluded temporarily, SAIC President Hu Maoyuan, will...
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