(Reporter Shi Baohua) The case of South Korea's Ssangyong Motor’s equity merger and acquisition was again in turmoil. China Bluestar Group has just announced that it has become the preferred negotiation target for the sale of Ssangyong Motor’s shares, and it has been reported that the Blue Star Group’s powerful competitor, SAIC Group, has been approved by the National Development and Reform Commission as the exclusive Chinese purchaser of Ssangyong Motor Corporation of South Korea. ". Things like dust settled suddenly become confusing.
On the 18th, it was reported that SAIC Motor Corporation was approved by the National Development and Reform Commission as the sole Chinese purchaser of Ssangyong Motor Corporation of South Korea. In this regard, SAIC's Foreign Affairs Division, Mr. Xue said that SAIC Group did participate in the acquisition of South Korea's Ssangyong Motor and was approved by the National Development and Reform Commission on the 18th. Mr. Xue said that any domestic company participating in the acquisition must be approved by the National Development and Reform Commission, otherwise it cannot participate in bidding. Mr. Xue also stated that Shuanglong’s equity sale has not yet been disclosed, so it is impossible to say that Bluestar is currently winning the bid.
Regarding SAIC's assertion, Zhang Congxin, Director of the Information and Economics Division of China Motors Automotive Group, which is responsible for the acquisition of Ssangyong Motor, is completely incomprehensible. He said that Bluestar will surely win the bid and become the preferred negotiation partner for the acquisition of Ssangyong Motors. Because on the afternoon of the 16th, Ssangyong Motor’s creditor’s delegation held a press conference in South Korea to announce that Bluestar has become the preferred negotiation partner for the acquisition of Ssangyong Motor. Zhang Congxin said that Bluestar’s acquisition of Ssangyong Motor was definitely approved by the relevant national authorities. In addition, Li Aiqing, director of the Bluestar Group Planning Office, said that Bluestar had already submitted the application to the National Development and Reform Commission. “We did not receive a notice that we would not allow us to acquire. Moreover, the China Motors Group’s acquisition team will set off for negotiations in South Korea tomorrow. Specific issues."
The staff of the Policy Research Office of the National Development and Reform Commission said that the project is still under review and that any outside information is not accurate.