SWITZERLAND: GM-Daewoo tie-up discussions still ongoing

General
Motors discussions about a takeover of Daewoo are still ongoing, according to
GM president and CEO Rick Wagoner, but nothing has been agreed yet.
"The company is restructuring and is facing big financial challenges,"
Wagoner said.

He said that discussions with Daewoo, with GM alliance partner Fiat included,
were still taking place after a year and a half, but he did not know how they
would be resolved.

"Korea is an excellent market, they have a good, effective cost base and
I think there is some opportunity to co-operate with Daewoo," Wagoner said.

"We haven’t yet defined a model that meets their needs but we hope to
have something worked out soon. But we can’t yet tell when that will be."

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