FTC approves KG and Ssangyong Motor Company Combined… Concerns for competition restrictions

The Fair Trade Commission announced on the 24th that it would approve the company's union by determining that there is no concern that there is no concern about the relevant market competition restrictions such as cold rolled plate resources and automobile manufacturing.

KG Mobility signed a contract to acquire about 61%of Ssangyong Motor shares and reported the company's combination to the FTC on the 22nd of last month.

Ssangyong

KG Mobility is a holding company established for corporate combination. A subsidiary includes KG Steel, a steel survey that produces cold rolled plate materials used for automobile manufacturing.

Ssangyong is a company that operates and sells automotive and automotive parts. Since its launch of Korando in 1982, it has been producing SUVs such as Tivoli, Rexton and Torres.

The FTC found that the company's combination of the domestic cold rolled plate and the automobile manufacturing market occurred, but considering the relevant market containment effect, there is no concern for competition restrictions.

An official of the FTC said, The KG Steel share is around 10% in the cold rolled plate resources market.

The official said, Ssangyong Motor is a manufacturer with a market share of the domestic automobile manufacturing market, and it is difficult to see that it is a strong consumer, and therefore it is difficult to block other steel survey sales lines.


He said, I hope that this company's union will help to realize the normalization of Ssangyong Motors in the rehabilitation process and to strengthen the competitiveness of corporate competitiveness.

Meanwhile, KG Group announced on the 19th that it had completed the payment of Ssangyong Motor's acquisition. The acquisition price is 365 billion won. The acquisition process is completed if the Seoul Rehabilitation Court approves the Ssangyong Motor Rehabilitation Plan. In order to approve the court, three-thirds of the rehabilitation subsidiary, two-thirds of the rehabilitation creditors, and more than one-third of the shareholders must agree to the rehabilitation plan.

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