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Nissan Takeover of Thai Affiliates Collapses.
Byline: Santan Santivimolnat
Sep. 8--Talks between Siam Motors Co and Japan's Nissan Motor Co on the planned takeover of the Thai firm's two affiliates have been aborted, surprising many in the vehicle industry as both firms had reached a basic agreement in March.
An aide to Siam Motors' president Phornthep Phornprapha declined to explain why the deal failed, saying only that both sides "could not agree on something important".
Mr Phornthep was not available for comment. The aide said the failure of the deal would not affect the group's normal operations, but a plan to expand auto production for export must be shelved as funds from the Japanese group were no longer available.
Industry sources said the failure of the deal was probably due to a rift over management control.
Mr Phornthep had claimed earlier that despite the acquisition of a majority stake by the Japanese, he would control the group's management.
However, sources said it was unlikely the Japanese group would allow the minority shareholder such control.
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