Scoop has an Ethical Paywall
Licence needed for work use Learn More

Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

General Motors, Daewoo, KDB Agree To Negotiations

Tuesday, May 29, 2001

General Motors, Daewoo Motors, KDB Agree To Formal Negotiations

Seoul. General Motors Corporation, Daewoo Motors Company and the Korea Development Bank acting on behalf of Daewoo creditors have reached an agreement to begin formal negotiations regarding the acquisition of passenger vehicle assets and related businesses of Daewoo Motor Company.

Formal negotiations follow more than six months of evaluation and business plan development. Both sides are committed to proceeding with negotiations as rapidly as possible. The parties will work to reach an agreement on a memorandum of understanding outlining the terms and conditions and the timetable and steps required for the completion of a transaction. The degree of GM alliance partner participation in the possible acquisition will be determined during the course of the negotiations.

Both sides are hopeful for a successful conclusion and have agreed to keep the content of their discussions confidential during this negotiation process.


--- ENDS ---

Advertisement - scroll to continue reading

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.