China Warehouse- More Than Crockery Message Board

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Strategies & Market Trends : China Warehouse- More Than Crockery

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To: RealMuLan who wrote (1480)	11/16/2003 10:04:38 PM
From: RealMuLan	Read Replies (1) of 6370

China Blue Star Corp. bids for Ssangyong China Blue Star Corp., the largest chemicals group in China, wants to buy Ssangyong Motor Co., a local newspaper reported. The bid faces an uphill battle as union members of the troubled carmaker vowed to any sale plans, apparently in fear of possible massive layoffs. A four-member team of Blue Star officials arrived in Seoul Saturday to discuss the deal, according to the Maeil Business Newspaper. Ssangyong, Korea's No. 4 automaker, has been operating under a debt-rescheduling accord since November 1999, after its bankrupt parent Daewoo Group collapsed with $80 billion in debt. Samil Accounting Corp., the manager of the sale, plans to pick a priority negotiation partner as early as Dec. 2 to sell the 55.4 percent stake in Ssangyong held by creditors. koreaherald.co.kr

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