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Mahindra to start Ssangyong price talks this week

12 Oct 2010 Evaluate

Mahindra & Mahindra plans to start negotiations this week on a final acquisition price for loss-making South Korean carmaker Ssangyong Motor, Ssangyong Motor. Mahidra completed due diligence in September as scheduled, and plans to start price negotiations this week when its working-level officials plan to visit South Korea along with its Vice Chairman, Anand Mahindra , according to spokesperson at Ssangyong The deal is expected to be signed in early November or December.

In August, Mahindra was picked as the preferred bidder to buy the SUV maker Ssangyong, which has been under court-led restructuring since January 2009 as the global recession hit car sales. Mahindra, India's top utility vehicle maker signed a memorandum of understanding to buy a majority stake in the debt-ridden company in August.

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