Mike Stevens | Jun 9, 2010

Renault and Nissan have together submitted a letter of intent to buy struggling Korean carmaker SsangYong, mired in the past year by violent strikes and financial concerns.

SsangYong is Korea's smallest carmaker. China's SAIC Motor owns a 6.2 percent share in the company, and Barclays Bank owns a 8.02 percent stake.

While SsangYong has been under a court-lead restructuring since February last year, the embattled carmaker has continued development of its C200 compact SUV.

Together with Renault's Korean subsidiary, Renault Samsung Motors, the Renault-Nissan alliance has been added to a shortlist of six or seven suitors, according to SsangYong.

Indian carmaker Mahindra is also believed to be in the running for the Korean brand, with the asking price understood to be around US$500 million.

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