After a year of negotiations, France's Renault has succeeded in acquiring debt-ridden Samsung Motors for a song - not too surprising given that the Korean automaker failed to attract any other bidders. Renault's bid valuesáSamsung Motors atáW620 billion $565 million, well short of the W1.1 trillion Samsung Motors' creditors had been hoping for.
It is a very good deal for Renault, but not a very good deal for the creditors, says Kum Hee Han, analyst at Merrill Lynch.
Mind you, beggars can't be choosers. Theádeal took a year to clear, andá$262 million of hidden debts owed to Samsung Motors' parent came to light less than a month ago. Prolonged negotiations...
