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 the General Motors and Fiat alliance had been widely expected.

The Korean government and Daewoo Motor's creditors should not be too concerned by the narrowing of the field û for many this has always been a two-horse race between General Motors and Ford. Fiat is 20%-owned...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222