HOPES of an end to the long-running battle to find a new owner for Kia, the bankrupt Korean car company, have been dashed after a second round of bidding was abandoned. A new owner for the firm was hoped to be announced at the end of September, but none of the bidders was prepared to take on the required portion of the £6-7 billion debts.

Ford pulled out of the second round of bidding and the remaining firms, Hyundai, Daewoo and Samsung, all stuck firm to their demands for less debt to be passed on. A third round of bidding is now open, with candidates from the first round being approached, including General Motors. A result is expected in the next two to three weeks.