Renault, Nissan And Samsung Team Up To Buy SsangYong

Renault has confirmed that they have indeed made an offer for SsangYong Motor Co., a South Korean automaker. Renault made the offer in connection with Samsung Motors and Nissan, but unfortunately there are no details on the bid.

SsangYong has been trying to restructure since January after the courts ordered them to do so. The shutdown of SsangYong plants have caused blocking of plants as well as a loss of over $183 million. Furthermore laid off workers have been accusing SsangYong management of corruption.