India’s Mahindra & Mahindra is putting in a binding bid to buy a majority stake in troubled South Korean automaker Ssangyong Motor. Ssangyong went bankrupt in 2009 after China’s SAIC dropped the ball. They nearly went up in flames, when militant workers incited a riot and threatened to blow up the paint shop.
On Thursday, sources told Reuters that Mahindra was willing to pay up to $400 million for a controlling share in Ssangyong. According to Automotive News [sub], Mahindra “is the process of becoming a diversified player in the automotive sector and has been steadily making small acquisitions.”
Mahindra bought out Renault’s stake in a joint venture, that makes no-frills Logan sedans in India.
A few days later, it entered into an agreement to buy a majority stake in Indian electric carmaker Reva.
Mahindra, is not the only bidder for Ssangyong. Others bidders include Renault-Nissan, and Ruia group from Kolkata.
When the armed response unit turn up, you’ve officially crossed the line from “strike” to “riot”…
Cammy, read up on The Battle of the Overpass. On one side there was Walter Reuther and the UAW’s muscle and on the other side were Harry Bennett’s goons and the Dearborn police.
I’m no huge booster of organized labor, but it’s hard to root for a team that hired Bennett.
Of course, the idea of a Korean Rodius decked out like an Indian jinga truck hurts my brain.
They forget what life was like before Reagan. Life that did not have to take from others to get ahead. Give back the middle class or we will take it back (forcibly).