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June 10, 2003

SOUTH KOREA: Three vehicle makers eye Daewoo commercial division – report

GM Daewoo Auto & Technology Co said on Tuesday at least three vehicle makers were interested in buying the Daewoo Motor commercial vehicle unit, which was excluded when General Motors bought the ailing South Korean firm last year, according to Reuters. "We plan to send a letter of invitation to potential bidders next month and we are at the moment talking with three local and foreign companies to sell the unit," a Daewoo spokesman told Reuters, though he would not identify the potential buyers.

By bcusack

GM Daewoo Auto & Technology Co said on Tuesday at least three vehicle makers were interested in buying the Daewoo Motor commercial vehicle unit, which was excluded when General Motors bought the ailing South Korean firm last year, according to Reuters.

“We plan to send a letter of invitation to potential bidders next month and we are at the moment talking with three local and foreign companies to sell the unit,” a GM Daewoo spokesman told Reuters, though he would not identify the potential buyers.

GM and partners acquired a majority stake in ailing Daewoo Motor last year for $US251 million, creating GM Daewoo Automotive & Technology Co, Reuters noted, adding that Daewoo is now in the process of liquidating assets, which were not part of that acquisition.

GM Daewoo is made up of two of Daewoo’s South Korean plants, one plant in Vietnam and a number of operations in Western Europe and Puerto Rico, most of them sales units, Reuters added.

Daewoo’s Indian operations were also excluded from the GM deal. GM India has just rolled out a new Chevrolet model based on a redesigned Daewoo model developed by the new GM-Daewoo operation.

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