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French car maker Renault announces its acquisition of the bankrupt automobile business of South Korean conglomerate Samsung Group for approximately $550 million, making Renault the first western car maker to gain a significant foothold in the South Korean market.The acquisition includes Samsung Motors' manufacturing facilities, distribution network, and intellectual property rights. The deal also includes a commitment from Renault to invest an additional $1 billion in the Korean operation over the next five years.
Friday, 21 April, 2000