Mahindra Acquires Bankrupt Automaker Ssangyong

Mahindra Acquires Bankrupt Automaker Ssangyong

India’s Mahindra has nearly completed a purchase of Korean carmaker circus freakshow Ssangyong, maker of the world’s ugliest vehicles.

“We give the takeover candidate (Mahindra and Mahindra) an exclusive right for negotiation, and won’t be involved in any takeover-related activities with a third party,” Ssangyong said in a statement. Financial terms were not announced but some analysts value the deal at roughly $420 million.

Ssangyong, which makes the Rodius minivan and Actyon crossover, was slated to be resurrected by Chinese carmaker SAIC, until the recession caused them to abandon plans for Ssangyong.