India’s Mahindra & Mahindra plans to start negotiations this week on a final acquisition price for loss-making Korean SUV maker Ssangyong Motor.

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Ssangyong said Mahindra completed due diligence in September as scheduled and planned to start price negotiations this week. A deal is expected to be signed early in November or December.

Mahindra was selected as the preferred bidder for Ssangyong in August. The South Korean company has been under court-led restructuring since January 2009.

Local media reports said that Mahindra offered to buy the cash-strapped company for KRW535bn (US$479m).

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