French automaker Renault has confirmed rumors that it made an offer for South Korean manufacturer SsangYong Motor Co. Renault made the offer in conjunction with their Korean subsidiary Renault Samsung Motors and Japanese firm Nissan.
Details of the bid were not made public.
SsangYong has been in the process of court-ordered restructuring since January, when it was placed into receivership. China-based SAIC Motor has a 6.2 percent stake in SsangYong, South Korea's smallest automaker. The largest shareholder is Barclays Bank and Barclays Capital Securities which holds a combined 8.02 percent.
Laid-off factory workers at SsangYong blocked several plants for nearly 80 days this year, accusing management of corruption and unfair labor practices. The shutdown reportedly cost the company over $183 million.
Five of the six other companies bidding for SsangYong include Indian automaker Mahindra & Mahindra, along with Pawan Kumar Ruia, Seoul Investments, SM Aluminum and Young An Hat Co. One undisclosed company has already been disqualified from the proceedings.
The bid from Mahindra & Mahindra was said to be worth $500 million.
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