Dollar Holds Steady Amid U.S.-Iran Tensions and BOJ Rate Hike Uncertainty 
Meta Is Building an AI Version of Mark Zuckerberg to Interact With Employees 
San Francisco Suspect Arrested After Molotov Cocktail Attack on OpenAI CEO Sam Altman's Home 
Gold Prices Slip as Strait of Hormuz Blockade Fuels Risk-On Sentiment 
Uber Bets Big on Autonomous Vehicles with $10 Billion Commitment 
ASML Raises 2026 Revenue Outlook as AI Chip Demand Surges 
Amazon in Advanced Talks to Acquire Globalstar in Starlink Rivalry Move 
Nissan Plans Major Lineup Cuts and AI Expansion in Bid for Global Sales Recovery 
Oil Prices Drop Amid U.S. Blockade on Iran and Ceasefire Uncertainty 
Baker Hughes Sells Waygate Technologies to Hexagon for $1.45 Billion 
CSN's Cement Unit Sale Could Exceed $2 Billion as Global Giants Circle 
Rio Tinto's California Boron Assets Attract Over a Dozen Bidders, Valued at Up to $2 Billion 
Anthropic Discusses Frontier AI Model Mythos With Trump Administration Despite Pentagon Ban 
Food prices are already high in Canada. Will the Iran war make them worse? 
Singapore Tightens Monetary Policy Amid Middle East War Inflation Risks 
Bank of Korea Nominee Shin Hyun-song Signals Possible Rate Hike Amid Middle East Inflation Fears 
U.S. Futures Plunge as Iran Ceasefire Talks Collapse and Hormuz Blockade Looms 
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.
