Renault-Nissan Alliance, a partnership between French carmaker Renault SA and Japan's Nissan Motors Co., Ltd., has submitted a preliminary bid, according to an official from the company, in an apparent bid to add SUVs to the sedan-focused line-up of its Korean affiliate, Renault Samsung Motors Co.

"There had been some internal opposition, but the company decided to join the takeover race, believing it will enable aggressive marketing by expanding our overall production and line-up," the official said.

Ssangyong did not name individual bidders at their request, according to the company executive. But industry sources said they included Young An Hat Co., a local headwear company that also owns local bus maker Daewoo Bus Co., and India's top vehicle and tractor maker Mahindra & Mahindra Ltd.

Ssangyong Motor, the country's smallest carmaker, has been under bankruptcy protection since February 2009 after its former Chinese parent, Shanghai Automotive Industry Corp., abandoned the automaker amid the global financial crisis. Industry observers believe the sale will be worth $300-$400 million, given the company’s market capitalization of some 460 billion won ($382 million).

The company began accepting letters of intent on May 10 from potential buyers, who will take over a majority of its stake.

It will choose a preferred bidder in August from the preliminary bidders, according to an executive from Ssangyong.

"As the process of accepting letters of intent concluded, Ssangyong Motor and sale management companies will review the bidders and notify them of future courses on June 4, followed by the distribution of information packages to the bidders on June 7," Ssangyong said in a press release.

The company will receive official offers by July 20 following an inspection of the bidders June 7 through July 16, it added.

Samjong KPMG, a Korean unit of the global services firm KPMG, and Macquarie Securities are managing the sale.

The company's line-up of expensive, gas-guzzling luxury sedans and sport utility vehicles was earlier thought to be discouraging some of potential bidders from entering the race.

Ssangyong's militant labor union, which staged a violent occupation of a Ssangyong plant for nearly 80 days last year, was another discouraging factor for potential bidders.

Company sources, however, said the union has made a complete turnaround since last year's strike.