SSANGYONG LABOR UNION FORBIDS BLUESTAR TO ACQUIRE SSANGYONG
AsiaInfo Services, February, 2004
AsiaInfo Services 02-02-2004 Ssangyong Labor Union Forbids Bluestar to Acquire Ssangyong CHINA, Feb 02, 2004 (SinoCast via COMTEX) -- Days ago, the Labor Union of South Korea-based Ssangyong Motor Company (Ssangyong) announced in South Korea that it forbad China-based China National Bluestar (Group) Corporation (Bluestar) to acquire Ssangyong.
Bluestar is a state-owned chemical product giant in China, and Ssangyong is the third-largest carmaker in South Korea. Bluestar will be likely to purchase a 48.92% stock of Ssangyong. The labor union emphasizes that Ssangyong should be taken over by a South Korea-based company, not a foreign-based company. Insiders believe that the labor union opposes to the deal in a bid to struggle for more beneficial acquisition...
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