Renault, in partnership with Nissan and Renault Samsung, has submitted a letter of intent to purchase South Korean manufacturer Ssangyong. Renault is among a group of six bidders being considered by the struggling SUV maker which includes Indian utility manufacturer Mahindra & Mahindra.
South Korea’s fourth largest vehicle manufacturer has been in a state of court-imposed restructuring after being placed into receivership in January 2009 following losses of $US75 million ($92 million).
The impending deal is expected to be worth up to $US500 million ($610 million).
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