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Construction : Deals | November 2012 | Source : Construction Update

Mahindra bids for 50% stake in British car maker

Media reports say that Mahindra and Mahindra is involved in a thrilling battle for the British car maker Aston Martin. The winning bidder will get 50 per cent of the voting rights and a 40 per cent equity stake, a source familiar with the matter said.

Italian private equity fund Investindustrial recently reached an agreement with the owner, Kuwaiti investment house Investment Dar but Mahindra and Mahindra has made a higher offer, leaving the fate of the 98-year old firm in the balance, sources familiar with the discussions said.

Investindustrial had bid between 200 million and 250 million pounds ($400 million) for the stake, and was confident of winning the race because it sees its proposal as technically superior, including a technical partnership deal with Daimler AG's Mercedes. The exact figure quoted by M&M was not available.

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