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SSANGYONG MOTOR SALE LIKELY TO BE DELAYED BY UNIONIST PROTESTS.
SEOUL, Feb 2 Asia Pulse - Procedures for a takeover of South Korea's Ssangyong Motor Co. (KSE:003620) by a Chinese petrochemical producer are being delayed by opposition from the carmaker's unionists.
According to Ssangyong creditors Monday, they recently agreed with China's Lanxing Group, or the China National Bluestar Group Corp., to hold a meeting sooner or later to reschedule the procedures.
On Dec. 22, Ssangyong creditors and Lanxing signed a memorandum of understanding on the sale of the ailing automaker.
Lanxing originally planned to start due diligence on Ssangyong's operations and finances for three weeks from early last month and present its final bid price at the end of last month to Ssanyong creditors, who plan to conclude a main contract by the end of next month.
Lanxing has reportedly completed its study of Ssangyong's financial health in general, but has yet to be able to make on-site inspections as the unionized workers have blocked Lanxing officials from entering their factory in Pyeongtaek, about 70 kilometers south of Seoul, since the beginning of the year.
In addition, they ...
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...this photo released by the Ssangyong Motor Co. via Yonhap, Ssangyong Motor's union worker Han Sang...Pyeongtaek, south of Seoul, South Korea, Thursday, Aug. 6, 2009...Wednesday. (AP Photo/Ssangyong Motor Co. via Yonhap)
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- Picture from: AP Images Ahn Young-joon June 29, 2009 700+ words
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