Daewoo to go up for auction

Article Abstract:

Daewoo Motor, the bankrupt South Korean auto manufacturer, will invite 10 companies to bid on the company. Interested companies are expected to participate in the auction in Apr 2000. Ford Motor is interested in buying Daewoo, which Ford officials say is a good fit for the company. General Motors is still uncertain whether it will participate after its $6 billion offer was rejected by Daewoo creditors and the South Korean government in Dec 1999.

GM Daewoo Auto and Technology Company Ltd.

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Ford considered a contender as Kia Motors goes on block

Article Abstract:

Ford Motor is anticipated to be a strong contender to acquire Kia Motors of South Korea because of the former's 9.5% interest in Kia. Wayne Booker, Ford's Vice Chairman, is in South Korea to meet officials from Kia's largest creditor, the Korea Development Bank. On Jul. 15, 1998, the Korea Development Bank is releasing bidding rules, then it will provide potential bidders the details of the auction on Jul. 27, 1998. The sale includes Kia's truck-production unit, Asia Motors. Kia has debt of $6.6 billion, while Asia Motors has liabilities of $2.3 billion.

Comment:

Is anticipated to be a strong contender to acquire Kia Motors of South Korea because of its 9.5% interest in Kia

Ford Motor Co.

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Hyundai wins bid for Kia

Article Abstract:

Hyundai, the largest automaker in South Korea, won the bid to acquire cash-strapped Kia Motors and its sister company, Asia Motors. According to Kia officials and the state-run Korea Development Bank in Seoul, Korea, Hyundai won over USA's Ford Motor and Korean companies Daewoo Motor and Samsung. Ford, which has been considered the favorite among the bidders, was disqualified from the race because it gave a bid that is below the creditors' minimum for Asia Motors. Some analysts expressed dissapointment over the results, saying the deal is ill-fit for both companies.

Comment:

Wins bid to acquire cash-strapped Kia Motors and its sister company Asia Motors

Hyundai Corp., Asia Motors Company Inc.

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