Fleet News

Ford and GM lead Daewoo chase

FORD and General Motors are front-runners to buy struggling Daewoo, according to Korean press reports. They are finalising proposals to be submitted by the end of June - the 'due diligence' deadline extended because of the complexity of the Daewoo Motor financial set-up and political pressures to keep it Korean.

The country's largest manufacturer, Hyundai, is also expected to submit a bid, as is DaimlerChrysler and Fiat. In the event of a successful 'foreign' bid, Daewoo is likely to remain a separate company, but an alliance with one of the four major car makers would provide numerous mutual benefits worldwide.

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