M&M chosen as preferred bidder by SsangYong Motor

Written by: Samyuktha
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Mahindra and Mahindra
New Delhi, Aug 12: Mahindra & Mahindra has reportedly been chosen as the preferred bidder in the acquisition of South Korean auto company SsangYong Motor (SM).

“Yes, we have been chosen as the preferred bidder", a company official said on Thursday, Aug 12.

However, he refused to give any details on the progress of the company's acquisition bid.

This means that M&M has outbid other firms including Kolkata based PK Ruia Group, which owns Dunlop and Falcon tyres.

These Indian companies were among the six other short-listed bidders.

The beleaguered Korean company, SsangYong Motor, mainly focuses on manufacturing sports utility vehicles and recreational vehicles.

The company's worth has been estimated to be around $500 million.

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