Filed under: Etc., Earnings/Financials, India, South Korea
Indian automaker Mahindra & Mahindra has officially sunk its teeth into South Korean automaker Ssangyong to the tune of $463.6 million. For that low, low price Mahindra has effectively walked away with a 70 percent controlling stake in Ssangyong through the purchase of newly released shares in the company and existing corporate bonds. The move follows up on a pact to acquire Ssangyong that Mahindra signed earlier this year, and according to The Wall Street Journal, the two companies look to close the deal by March of next year.According to Mahindra, the match is a partnership made in heaven, with the Indian carmaker able to supply both cash and marketing grunt that should mesh well with Ssangyong's technological prowess.
We're guessing that the South Korean carmaker is just glad to have someone to help pull it out of the throws of bankruptcy.
[Source: The Wall Street Journal - sub. req.]
Mahindra reportedly inks deal to buy Ssangyong for $463M originally appeared on Autoblog on Tue, 23 Nov 2010 16:01:00 EST. Please see our terms for use of feeds.
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