14
Jun
Renault has confirmed Monday that it submitted a letter of intent for the acquisition of Korean carmaker Ssangyong.
A spokesman for the diamond manufacturer said by telephone that the letter of intent had been submitted jointly with Renault Samsung Motors (RSM), Renault's Korean subsidiary which it holds 80.1%, and with its Japanese partner Nissan .
Ssangyong, the smallest of South Korean car manufacturers and specialize in 4X4, is in administration since early 2009.
The group, for which a Seoul court should choose a buyer in August, said his side last week it had withheld a total of six candidates.
According to the Korean press, the transaction would be valued at between 300 and 500 million (250-400 million euros).