Ssangyong Names Mahindra As Preferred Bidder
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Ssangyong Motor, the struggling South Korean manufacturer of Rexton II and Actyon Sports among other mainly SUV models, has named Indian group Mahindra & Mahindra as the preferred bidder. Mahindra has beaten out five other short-listed bidders, including a Nissan-led consortium, South Korean Young An Hat Co Ltd, which owns Daewoo Bus, and Indian PK Ruia Group, which owns Dunlop and Falcon tyres.
“I think what this deal does for us is provide us with a tremendous opportunity to accelerate our progress towards our stated intention of becoming a globally recognised player in the specific niche of utility vehicles”, said Anand Mahindra, the Vice Chairman and Managing Director of Mahindra & Mahindra.
The bid, believed to be around USD 400 million (RM 1.27 billion), would give Mahindra a majority controlling stake in Ssangyong, which is estimated to be worth around USD 500 million (RM 1.58 billion). Currently under bankruptcy protection, Ssangyong is the fourth-largest automaker by sales in South Korea with a two percent domestic market share. The deal, expected to be completed by November 2010, will provide Mahindra with a stronger presence in Southeast Asia and a range of new diesel engines.
Mahindra Authorised Distributor
| Company | Phone |
| USF-HICOM (Malaysia) Sdn Bhd | 603 2052 7788 |
| Address | Website |
| Level 3, Wisma DRB-HICOM, No. 2, Jalan Usahawan U1/8 , Seksyen U1 , 40150 Shah Alam , Selangor Darul Ehsan | www.usf-hicom.com.my |
Ssangyong Authorised Distributor
| Company | Phone |
| Competitive Supreme Sdn Bhd | 603 7960 3633 |
| Address | Website |
| Lot 7, Jalan 219, Seksyen 51A, 46100 Petaling Jaya, Selangor, Malaysia | www.ssangyong.com.my |
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