Renault to Buy 10% Stake in Korean unit
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[12/29/2005] SEOUL (Yonhap) -- French automaking group Renault SA plans to buy a 10 percent stake in its South Korean unit for 55 billion won (US$54 million) from the unit's creditors, the creditors said Thursday.
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SEOUL (Yonhap) -- French automaking group Renault SA plans to buy a 10 percent stake in its South Korean unit for 55 billion won (US$54 million) from the unit's creditors, the creditors said Thursday.
The group notified the creditors that it will exercise its option to buy the stake in Renault Samsung Motor Co. on Jan. 18.
In August 2000, Renault signed the call option contract with the creditors at Samsung Motor Inc., a failed automotive unit of Samsung Group. It acquired Samsung Motor in the same month.
The stock purchase will raise Renault's interest in its South Korean unit to 80 percent. The money is to be distributed to the 14 creditor institutions including Seoul Guarantee Insurance Co.
The group notified the creditors that it will exercise its option to buy the stake in Renault Samsung Motor Co. on Jan. 18.
In August 2000, Renault signed the call option contract with the creditors at Samsung Motor Inc., a failed automotive unit of Samsung Group. It acquired Samsung Motor in the same month.
The stock purchase will raise Renault's interest in its South Korean unit to 80 percent. The money is to be distributed to the 14 creditor institutions including Seoul Guarantee Insurance Co.
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