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Acquisition - India - M&M plans to acquire Romanian company
Bumbai,India -IndiCar -Sept 06, 2005: -- Mahindra & Mahindra (M&M) is submitting a financial bid on September 9 for Romanian-based Universal Tractors, reports Economic Times... According to sources, the technical bid was submitted a month ago and the due diligence exercise has been completed. The acquisition will give M&M a foothold in the Eastern European and West Asian tractor markets... Universal Tractors‚ enjoys market share in countries of the former Eastern Bloc, Iran, Egypt and Pakistan. The Romanian tractor major has a 15,000-unit per year facility in Brasov with an additional capacity of 18,000 engines annually. Last year, it produced 5,000 tractors and posted a turnover of Rs 250 crore... Mahindra is competing with MYO-O, a closely-held Romanian maker of agricultural machinery. The agency carrying out the sale, AVAS, has not announced a date for awarding the sale. The government will select the buyer of its 80% stake following direct negotiations with the bidders, AVAS said...
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