Hyundai locked out of Daewoo auction

Hyundai Motor''s bid for Daewoo Motor is a non-starter. The company has neither the firepower nor the friends to win control and so keep foreign competition at bay.

Hyundai Motor HM is likely to be squeezed out of the Korean government's auction of Daewoo Motor DM, given the restricted access it now has to affiliates' finances and the unwillingness of other potential bidders to take on the anti-trust baggage it would bring to a partnership.

The fact HM is still in the race and making noises appears to be little more than a face-saving exercise after controversial changes at the top of the Hyundai Group HG, Korea's largest chaebol. HG founder Chung Ju-yung last week named Chung Mon-hun MH, one of his younger sons, to take over as chairman of HG, while MH's elder brother...

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