Mahindra buys 70% of Ssangyong! Renault loses the race!

Mahindra & Mahindra will acquire 70% of Ssangyong , with an investment of 280 million for new shares and 60 million euros in bonds.

Mahindra buys 70% of Ssangyong! Renault loses the race!

The transaction materializes within the first months of 2011, after obtaining the approval by creditors of Ssangyong. The house is then saved by the Korean crisis, which had lasted 20 months, after years of complex changes of ownership: Born in 1954 to assemble the Jeep license, Ssangyong was part of the galaxy Daimler from 1990 to 1997 and later went on to Daewoo, which after the crisis of 2004 was forced to cede a 51% ownership in China's SAIC, before going into administration in early 2009.

The intent of Mahindra, which has been preferred over the group Renault-Nissan in talks, the opportunity to pool their marketing resources with the know-how enable the new group of Koreans to clear the debt, develop new models and reach new goals at international level. Attention is directed mainly to the SUV sector, both for the Indian market for international and present their product ranges are definitely not in competition: in this sense can only gain by Mahindra, relying far more on technology advanced models ready for Euro 5 and electrical systems far more advanced, as evidenced by the new Korando just presented. 

Author: Al
Source: Autolatest

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