Ssangyong picks India's Mahindra as preferred bidder

SEOUL Aug 12 (Reuters) - India's Mahindra (MAHM.BO) has been picked as the preferred bidder to buy South Korea's Ssangyong Motor (003620.KS) in a deal estimated at up to $500 million, Ssangyong said on Thursday.

Ssangyong set the deadline for a binding offer for the company on Tuesday and three groups including Mahindra and India's Ruia Group submitted their proposals to buy the cash-strapped auto company, according to media reports. [ID:nTOE67907N] (Reporting by Cheon Jong-woo; Editing by Jonathan Hopfner)