Steam will conduct site survey on Ssangyong
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According to recent reports from South Korean media, China's Shanghai Automotive Corporation (SAIC) has been named the preferred bidder for the acquisition of Ssangyong Motor. As part of the due diligence process, SAIC is set to conduct a field inspection of Ssangyong Motors this week. While the Ssangyong Motor Union has stated it will not oppose the document review, there is growing concern about the timing and scope of the on-site investigation, which is still being finalized.
Industry sources reported on August 11 that representatives from the Shanghai Auto Group will spend three weeks—starting from August 16 to September 3—on the investigation. According to the plan, the initial phase will involve reviewing documents, followed by an on-site visit to the Pyeongtaek factory. The creditor group, which includes major financial institutions and stakeholders, is expected to wait until the field investigation concludes before proceeding with detailed negotiations on the purchase price and other contractual terms.
The goal is to sign a formal agreement and complete the transaction by the end of October. To ensure the seriousness of the deal and strengthen the binding nature of the negotiations, the creditor group has reportedly secured a performance guarantee from a foreign bank. This move is seen as a critical step in securing confidence among all parties involved.
With the acquisition process moving forward, both the union and the creditors are closely watching how the negotiations unfold, as the outcome could significantly impact the future of Ssangyong Motor.