Saudi prince Sultan Bin Bandar Al-Faisal, head of Saudi conglomerate Group Tech Corp., made a bid for Korea's fourth-largest automaker, Ssangyong Motor yesterday. According to CNN, Ssangyong, an ofshoot of the now defunct Daewoo Group, has been undergoing creditor-led debt restructuring since late 1999.
The bid surpasses that of China's Shanghai Automotive Industry Corp., which the company's creditors selected as a preferred bidder in late July.
The prince hopes to build a plant in the Middle East to supply four-wheel-drive vehicles there, a spokesman for Group Tech Korea said. Ssangyong produces several models of sport utility vehicles, including the jeep-like Korendo and upmarket Rexton SUV.
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