Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Gold Prices Slide Below $5,000 as Strong Dollar and Central Bank Outlook Weigh on Metals 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Gold and Silver Prices Rebound After Volatile Week Triggered by Fed Nomination 
India–U.S. Interim Trade Pact Cuts Auto Tariffs but Leaves Tesla Out 
South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom 
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices 
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Thailand Inflation Remains Negative for 10th Straight Month in January 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal 
Ssangbangwool Group is now a new bidder to acquire the embattled SsangYong Motor. The bidding was opened again after Edison Motors was not able to take the company due to its failure to complete the acquisition payments on the set due date.
According to The Korea Times, the underwear and apparel manufacturer said a few days ago that it has conveyed its intention to buy SsangYong Motor via EY Hanyoung accounting company, the lead manager of the deal. Ssangbangwool Group is now planning to forward its formal letter of intent to the accounting firm next week as its next step.
The company revealed that it has actually signed an LOI already, and Kanglim will be leading a consortium to secure around ₩1 trillion deal to buy the Korean automaker, which is under court receivership since April 2021.
"It is true that we have officially entered the bid to acquire SsangYong Motor and we are actively considering it," the spokesperson of Ssangbangwool Group said in a statement. "We already expressed our intention to EY Hanyoung and plan to submit a letter of intent sometime next week."
A company official added that they have sufficient funds for the take over of SsangYong Motor and he apparently mentioned this to let the automaker know the failed sale to Edison Motors will not happen again. "After we submit an official letter of intent next week, we will be able to elaborate on the amount involved in the acquisition of SsangYong Motor," he said.
Ssangbangwool Group will be pushing for the purchase of the car manufacturer by forming a consortium consisting of its leading affiliates, such as the heavy-duty vehicles and equipment maker, Kanglim. Its entertainment subsidiary, IOK Company, is also expected to participate along with Nanos, its optical component producer subsidiary.
Meanwhile, Pulse News reported that Ssangbangwool Group's (SBW) shares shot up by 29.49% to ₩1,010 or $.083 in the morning trade after the news of its bid on SsangYong Motor was reported. The company's shares went up, and its Kanglim Co. affiliate also saw an increase in its daily ceiling of ₩3,510.
iOK Company also gained 19.84% while Nanos 18.14%. Finally, investors of the company were reported to have cheered on the acquisition news of SsangYong as well as the recent gains in stocks.
