Renault makes a bid for Ssangyong

Renault has not revealed any details of the bid, but reports say that the French carmaker has made an offer together with its subsidiaries Nissan and Renault Samsung Motors to take over the Ssangyong Motor Company.

Ssangyong was ordered to undergo restructuring by the courts after it was placed into receivership in January. Among the stakeholders in South Korea's smallest carmaker are China's SAIC Motor, which has a 6.2 percent stake, as well as Barclays Bank and Barclays Capital Securities, which hold a combined 8.02 percent.

Renault faces competition from other companies in the bid for Ssangyong however, with Indian automaker Mahindra & Mahindra said to have tabled a US$500 million offer. Other companies interested include Pawan Kumar Ruia, Seoul Investments, SM Aluminium and Young An Hat Co.