Ford sole preferred bidder for Daewoo Motor

Ford Motor Co has taken line honours in the battle for debt-laden Daewoo Motor with a W7.7 trillion ($6.9 billion) bid. Financial Supervisory Commission Chairman Lee Yong Keun named Ford the sole preferred bidder from a field of three. The decision came a day earlier than scheduled and this, coupled with the fact Lee declined to announce a second preferred bidder, suggests the US auto maker's offer was considerably higher than either of those tabled by the DaimlerChrysler/Hyundai Motors and General Motors/Fiat camps.