VAN maker LDV has been bought out by Malaysian firm Weststar, it was announced.
The two companies will now undertake complex negotiations to complete the transaction.
A Government bridging loan of £5 million has aided the deal, giving the two firms time to run necessary due diligence proceedings.
However, on the same day, less positive news emerges from across the M6 at Jaguar Land Rover.
The company’s loan from the European Investment Bank is in doubt, as talks stall in Whitehall.
Government ministers are looking for assurances from JLR in regard to loan guarantees – something the firm is unhappy with.
It feels the Government’s demands are too stringent, meaning talks have reached an impasse.
Talks are continuing right now. We all hope similar positive news to that we’re seeing at LDV Vans comes soon…
DATED: 08.05.09
FEED: CDM
