Fleet News

Samsung vetoes sale to Daewoo

SAMSUNG has pulled the plug on the sale of its struggling car operation to Korean rival Daewoo, the nation's second biggest car manufacturer after Hyundai. After several weeks of negotiations, it is believed the two companies could not reach agreeable terms on a price for Samsung's car building operation.

None of the Samsung Motors line-up has made it to the UK and the car building operation, which only started a year ago at a car plant in Pusan, now goes into the hands of court receivers in Korea. It will now be up to the receivers to decide whether the car building arm of electronics giant Samsung is worth saving.

Meanwhile, Daewoo has announced it is selling its consumer electronics unit for about $3billion to an American company and has signed an agreement to sell Daewoo Telecom for $350million to Californian company Laves Investment.

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