M&M chosen as preferred bidder, says Ssangyong

Automobile major Mahindra and Mahindra (M&M) emerged the preferred bidder to acquire South Korean Ssangyong Motor. The South Korean carmaker and its creditors said in Seoul that they planned to sign a memorandum of understanding with M&M by the end of the month and finalise the sale by November. They did not release details about M&M's offer.