Two of the companies that previously said they were thinking of taking a majority stake in troubled South Korean carmaker Ssangyong have pulled out.
As a deadline for offers passed, French carmaker Renault and South Korean private equity fund Seoul Invest said they were no longer interested.
India’s Mahindra & Mahindra, Indian conglomerate Ruia Group and South Korea’s Daewoo Bus did reportedly submit bids.
Renault – along with its alliance partner Nissan – said the asking price was too high, while Seoul Invest was put off by the size of Ssangyong’s outstanding debts.
Ssangyong has been under court-led bankruptcy protection since early last year.