South Korean government is urging General Motors to decide quickly whether to
take over Daewoo Motor Co. once the ailing car firm resumes normal operations,
officials said Friday, according to a report from Associated Press.
“We can’t wait and wait for an extended period of time,” Lee Eun-hyong, a
spokeswoman for the Ministry of Commerce, Industry and Energy, told AP.
She was commenting on what she called the improved condition of Daewoo Motor
which reopened its main plant in Pupyong on Wednesday, three weeks after it
laid off 1,751 workers in a restructuring program.
“We can’t wait
and wait for an extended period of time“
– Lee Eun-hyong
The restructuring was aimed at making the car firm more attractive to GM, which
entered negotiations to buy Daewoo last September after Ford withdrew from the
process, AP said.
On Thursday, Commerce, Industry and Energy Minister Shin Kuk-hwan said he hoped
that GM would make a decision on its takeover bid by the end of April.
“If Daewoo is left like this, its value will continue to drop. So we hope that
the problem would be resolved by around the end of April,” the spokeswoman
quoted her minister as telling local reporters.
She told AP that the minister’s remarks did not mean that a deadline has been
set for GM’s takeover decision or that GM has been served with a notice on any
AP said the spokeswoman also quoted the minister as saying that if GM backs
away from Daewoo or offers an unacceptably low bid, government-controlled creditor
banks would look for another potential buyer.
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