New Delhi, Nov. 24: Mahindra & Mahindra, tractor and utility vehicle major, today said its bid to acquire tractor-maker Valtra is back in contention as the Brazilian regulatory body has rejected US-based AGCO Corps deal with the Finnish company.
In September, Georgia-based AGCO won the bid for Valtra tractor unit worth 600 million, after its parent Finland-based Kone put it on the block in June.
Several firms and groups, including Mahindra & Mahindra, had bid for Valtra.
We are still interested in the deal and now stand a good chance of acquiring it, Mahindra & Mahindra vice-chairman and managing director Anand Mahindra told The Telegraph.
The Mumbai-based firm, which has a 29.2 per cent share of the domestic tractor market, the world's biggest by sales volume, had submitted a bid of around 350 million for Valtra, which analysts say is the second highest bid.
If the earlier bid holds then Mahindra & Mahindra wins the bid, he said. However, Mahindra said, We are tracking the developments and hope to hear from them soon. If required, we would submit a fresh bid.
Kone had put Valtra's Finnish and Brazilian operations Valtra Oy Ab and Valtra do Brasil Ltd, respectively up for sale as part of a plan to focus on core businesses such as elevators and to reduce debt.
Valtra is the market leader in tractors in the Nordic region and number three in Latin America, with net sales of 762 million in 2002.