[Asia Economy reporters Seongpil Cho and Gimin Lee] It has been confirmed that nine domestic and international companies, including HAAH Automotive, participated in the acquisition bid for Ssangyong Motor.
According to the legal and industry sources on the 30th, EY Han Young Accounting Corporation, the lead manager for the sale of Ssangyong Motor, closed the submission of Letters of Intent (LOI) on the same day, with a total of nine companies participating.
The companies that entered the Ssangyong Motor acquisition bid are ▲ KS Project Consortium (including K-Pop Motors and three other companies) ▲ Edison Motors Consortium (including Edison Motors and two other companies) ▲ Samra Midas ▲ Cardinal One Motors ▲ Park Seokjeon ▲ World Enercy ▲ INDI EV ▲ Future Motors Consortium (including Hyzen Solution and three other companies) ▲ ELB&T.
Initially, there was analysis that the acquisition price for Ssangyong Motor would be between 800 billion and 1 trillion KRW, making the amount large and the success uncertain. However, since the Ssangyong Motor labor and management agreed on up to two years of unpaid leave for employees and decided to sell and relocate the Pyeongtaek plant for electric vehicle production, showing strong self-help intentions, the dynamics of the acquisition bid seem to have changed.
However, for the sale of Ssangyong Motor to proceed smoothly, the financial mobilization capability of the acquisition candidates is essential. Ssangyong Motor plans to conduct preliminary due diligence from August 2 to 27 for candidates who pass the screening among the hopeful acquirers.
After the preliminary due diligence and receiving acquisition proposals, a preferred negotiation partner will be selected to proceed with the main due diligence and investment contract steps. Internally, Ssangyong Motor has planned to select the preferred negotiation partner by the end of September and conduct price negotiations by the end of October.
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