Fewer firms bid for Ssangyong

The list of half a dozen companies which had earlier expressed their interest to acquire a majority stake in South Korea’s Ssangyong Motor Company is now reduced to three or four.

According to news agency Dow Jones, private equity fund Seoul Invest and a group led by French car maker Renault had decided against bidding to acquire the troubled company, which makes SUVs and other vehicles. The deadline for bids ended without a bid by either.

“Following a review of the Ssangyong business opportunity, Renault, Samsung Motors and Nissan have decided to pursue other options for their business expansion in South Korea,” a spokeswoman for France’s second-largest car maker told Dow Jones Newswires. “We will communicate on these actions at the appropriate time.”

South Korean bus maker Daewoo Bus has bid, stated the wire. Indian utility vehicle maker Mahindra & Mahindra (M&M) did not confirm whether the company had put in a bid.