DaimlerChrysler AG and Hyundai Motor Co. are reportedly putting together a joint bid for South Korean corporation Daewoo Motor Co. according to the German business daily Handelsblatt.

The deal, which is likely to be officially announced later this week, could be completed by the end of June.

Daewoo’s automotive operations are up for auction due to the company’s deep debt and dire financial situation. GM and Ford had been thought the most likely to succeed as bidders, but DCX and Hyundai’s interest has accelerated in recent weeks.