Fleet News

General Motors joins Kia takeover battle

GENERAL Motors has joined the takeover battle for Kia, the bankrupt Korean car company. The American giant's interest is seen as a possible challenger to Ford - the favourite to take control of South Korea's third largest manufacturer.

Korea's three other carmakers, Hyundai, Samsung and Daewoo have also announced bids. Kia collapsed last year under more than $9 billion of debt and is being auctioned off. Bids must be submitted by August 21 and the new owner is due to be announced on September 1.

Mark Quinn, managing director of Kia Cars (UK), said: 'It's certainly not bad news for us if GM enters the fray, but until the middle of August we will not know for sure exactly who has entered bids. With multinational companies showing an interest it's great for the future of Kia. It's no longer a question of whether Kia will survive, we know it will, it's just a case of waiting to see who will be the major shareholders.'

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