Daewoo Motor bidders fall to three after alliances formed

In the battle for Daewoo Motor, DaimlerChrysler has teamed up with Hyundai Motors and General Motors is bidding alongside Fiat; Ford is the only solo contender for Korea''s second largest auto maker.

The number of bidders for Daewoo Motor officially shrank from five to three in the run-up to yesterday's deadline for offers to be submitted. DaimlerChrysler and Hyundai Motors on the one hand and General Motors and Fiat on the other have agreed to make joint bids against each other and Ford for debt-laden Daewoo Motor. The DaimlerChrysler and Hyundai Motors tie-up was well-leaked, and theĀ General Motors and Fiat alliance had been widely expected.

The Korean...

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