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New owners sought for troubled boatbuilder

Voluntary administrators have taken control of Australian boatbuilder Mustang Marine.

The move was triggered by a decision in Johannesburg, South Africa, where Mustang's owner, Standard Bank Asia Limited, decided to withdraw financial support for the company, according to a report on GoldCoast.com.

Failed merger talks with rival builder Riviera also aided the move, as Mustang chief executive Chris Heaton confirmed his company had been negotiating with two potential partners in recent months.

Mustang began looking for partners two months ago after poor sales in the first quarter of this year spoiled robust growth in 2009, according to the report.

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