(LEAD) SBW group pushing to acquire SsangYong Motor
(ATTN: RECASTS slug, headline, lead; UPDATES with SBW's bid in paras 1-6)
SEOUL, March 31 (Yonhap) -- Ssangbangwool (SBW) Inc., the nation's leading underwear maker, is considering buying debt-ridden SsangYong Motor Co., after an acquisition bid by another carmaker failed this week.
An SBW official said Thursday the group recently sent the lead manager of the deal its intent to take over the domestic unit of Indian carmaker Mahindra & Mahindra Ltd.
SsangYong, the smallest of the country's five automakers, said Monday it canceled a deal to sell its controlling stake to the preferred bidder, Edison Motors Co., after the electric bus maker failed to make a full payment by the March 25 deadline.
Following the news, SBW created a taskforce to acquire the SUV-focused automaker under court receivership, the official said.
The group will form a consortium of its affiliates, including Kanglim Co., a manufacturer of heavy-duty vehicles and equipment, the official said.
"Led by group affiliate Kanglim, we are actively considering the acquisition of SsangYong Motor," the official said.
Earlier in the day, SsangYong said an external auditor rejected its annual financial report following the collapse of Edison Motors' bid.
Samjong KPMG gave a disclaimer of opinion for its 2021 financial report for the second consecutive year, SsangYong said in a regulatory filing.
"We have doubt over SsangYong Motor's ability to continue its business," Samjong said in a report.
The auditor said it was uncertain whether the bankruptcy court would accept the cash-strapped automaker's rehabilitation plan given its low feasibility.
SsangYong logged 2.4 trillion won (US$2.1 billion) in sales and 260.6 billion won in operating losses last year. It has logged deficits since 2017.
ejkim@yna.co.kr
(END)
-
BTS' RM to prerelease a track of 2nd solo album
-
BTS' Jungkook's 'Seven' chosen as hottest hit outside U.S.
-
From pastime to academic discipline: Exhibition spotlights evolution of Korean embroidery
-
Gov't to open 10 trails near DMZ for visitors next month
-
Number of N. Korean defectors entering S. Korea reaches 43 in Q1
-
From pastime to academic discipline: Exhibition spotlights evolution of Korean embroidery
-
BTS' RM to prerelease a track of 2nd solo album
-
BTS' Jungkook's 'Seven' chosen as hottest hit outside U.S.
-
Trump suggests U.S. could withdraw its troops if S. Korea does not contribute more to support USFK: TIME
-
Number of N. Korean defectors entering S. Korea reaches 43 in Q1
-
(3rd LD) Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
-
Anti-terrorism alert raised for 5 overseas S. Korean diplomatic missions
-
S. Korean military shoots down unidentified balloon near western maritime border in March
-
U.S. releases new cybersecurity advisory against N.K.-linked cyber incursion group
-
Hybe's sublabel head demanded unilateral contract termination authority for NewJeans: sources