KG Group has officially entered the battle to acquire Ssangyong Motor.
KG Group announced on the 12th that it had submitted a letter of intent to take over Ssangyong Motor to EY Hanyeong, the lead company for the sale of Ssangyong Motor.
The KG Group plans to form a consortium with Cactus Private Equity (PE), a private equity fund that it held hands with at the time of the acquisition of Dongbu Steel, to pursue the acquisition of Ssangyong Motor.
KG Group explained, “We are going to prepare a plan for the acquisition fund and operation part in the following procedure.”
The KG group grew from its origins in Gyeonggi Chemical (now KG Chemical), the first fertilizer company in Korea, and acquired Inesis (now KG Inesis), Dongbu Steel (KG Steel), Enerchem, and KFC Korea.
KG Group is evaluated as having the most financial power among candidates for the acquisition of Ssangyong Motor.
KG Chemical, a holding company, owns regarding 360 billion won in cash and cash equivalents.
In addition, KG Group officials emphasized that the company is competitive in that it has experience in improving its performance by acquiring several companies, including Dongbu Steel.
/yunhap news
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