Fleet News

Hyundai favourite to take over Kia

KOREAN motor company Hyundai is expected to become the new owner of its troubled national neighbour Kia after winning a third round of bids. The first two rounds were abandoned after the bidders, also including Ford, Daewoo and Samsung, asked for too much of the company's £6-7 billion debts to be written off.

In the latest auction, an independent supervisor decided that Hyundai had the best offer and recommended it be accepted. Hyundai Motor company says it is confident the bid will be approved. Early indications are that it will keep the two brands separate, although the purchase would allow Hyundai to make significant economies. David Walker, managing director of Hyundai Car UK, said: 'It would be premature to begin speculation about the future of the Kia franchise in the UK.'

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