Steam will conduct site survey on Ssangyong
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According to South Korean media news, China's Shanghai Automotive Corporation (SAIC), which has been selected as the preferred bidder for the acquisition of Ssangyong Motors, will conduct a field survey of Ssangyong Motor this week. The Ssangyong Motor Union intends not to object to the investigation of the documents, but the fact that the field investigation has decided to decide later is of concern. According to figures from the industry on August 11th, relevant persons of the Shanghai Auto Group in China will use the three-week investigation period from August 16 to September 3. It is reported that Shanghai Automotive plans to first investigate the documents, and then conduct field surveys at the Pyeongtaek factory. In response to this, the creditor’s group plans to wait until the end of the field investigation, negotiating the details of the price and other contracts, signing a formal contract, and completing the sale by the end of October. It is reported that in order to strengthen the binding power of the acquisition negotiations, the creditor group has received a guarantee for the performance of the deposit from a foreign bank.