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Ssangyong Motor Co. chooses Shanghai Auto as preferred buyer.
Knight Ridder/Tribune Business News, July, 2004
Kyodo News International, Tokyo Knight Ridder/Tribune Business News
Jul. 23--SEOUL, Korea -- Shanghai Automotive Industry Corp., China's biggest vehicle maker, was chosen Friday as the preferred bidder to take over Ssangyong Motor Co., Ssangyong Motor's main creditor Chohung Bank said in a statement.
"Creditors finally selected Shanghai Auto as the preferred candidate today after the two sides reached an agreement on the terms of the memorandum of understanding yesterday," the statement said.
Shanghai Automotive will sign a binding MOU with creditors next Tuesday to negotiate the purchase of a 48.9 percent stake in South Korea's fourth-largest carmaker, Chohung Bank said.
Creditors named an unidentified pension fund, including...
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