 Seoul : South Korea's troubled Ssangyong Motor named Mahindra and Mahindra, India's top utility vehicle maker, as its preferred buyer in a deal that reinforces the growing clout of emerging market automakers.
SUV maker Ssangyong, which is in bankruptcy protection, said Mahindra had been chosen after making the highest bid and securing financing plans, though declined to disclose the offer price.
Sources said last week that Mahindra was willing to pay up to $400 million to acquire a majority stake in Ssangyong as it seeks to become a major global utility vehicle maker.
Analysts say the deal will help Mahindra quickly build a worldwide footprint as the Korean maker of the Rexton and Kyron SUVs and the Chairman luxury sedan also exports to Russia, Europe, China, and the Middle East.
"The biggest attraction for Mahindra would be Ssangyong will give them quick and easy access to global markets," said Ahn Soo-woong, an analyst at LIG Securities.
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