US firm mum on 'rumor and speculation' about SsangYong Motor bid

California-based HAAH Automotive Holdings, Inc. called the news that it would submit a binding offer next month to acquire a stake in SsangYong Motor Co. as mere "rumor and speculation."

Such categorization came from spokesman Chris Hosford, who said the company does not comment on "rumor and speculation" when asked about HAAH's supposed interest in submitting a bid.
HAAH imports vehicles for the US market.

News of HAAH's possible binding offer sent SsangYong shares 6.9 percent higher to close at 3,350 won.

Mahindra, the owner of a 74.65 percent stake, had expressed willingness to give up its status as SsangYong's biggest shareholder and said it does not plan to inject fresh capital into the SUV company.

SsangYong, which reported net losses for the past 14 quarters, sold 56,846 vehicles in the first half, down 28 percent from last year's 78,687.

The company's lineup consists of its flagship G4 Rexton, Rexton Sports SUVs, Tivoli, and Korando.