SAIC to take share in Ssangyong

Shanghai Automotive Industrial Corp (SAIC) plans to acquire a 48.9% share of South Korea-based automaker Ssangyong Motor for US$500 million by September. The bid rests on gaining approval from creditor Chohung Bank, which holds a 55.4% stake in Ssangyong. SAIC plans to expand Ssangyong operations in South Korea and increase R&D spending to develop new car models.