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Article: M&M negotiation process for Romania's Tractorul suspended.
- Article from:
- PTI - The Press Trust of India Ltd.
- Article date:
- May 29, 2006
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M&M negotiation process for Romania's Tractorul suspended
New Delhi, May 29 (PTI) Mahindra and Mahindra's bid for Romanian tractor company Tractorul Brasov seems to have run into rough terrain with the negotiation process being suspended on uncertainty over retirement of the company's debt by the Romanian government.
"The negotiation process has been suspended because of the uncertainty of resolving the issue of state aid," M&M said in a statement.
The state-owned Tractorul, which is being pursued by the Mahindras since 2005, had an accumulated past liability in excess of 180 million Euros.
M&M had been requesting the Romanian ...