SsangYong rescue deal collapses. SsangYong CarGuidePH
SsangYong Motor, the beleaguered South Korean SUV specialist said a deal for its acquisition had fallen through after potential buyer, Edison Motors, had failed to pay the balance of 274.3 billion Korean won . would acquire a controlling stake in SsangYong, which is majority owned by the Indian conglomerate Mahindra & Mahindra.
However, Edison did not meet a March 25 payment deadline, and the contract was canceled, Ssangyong said. SsangYong says it would now seek a new buyer.SsangYong, which sells the Rexton, Korando, and Tivoli has been under. The Indian company acquired a 75 percent interest in Ssangyong in 2010. SsangYong’s global sales last year fell to 84,496, down about 21 percent from a year earlier, the automaker said.
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