Ford Gives Up Bid for Daewoo Motor

Korea Times (Seoul, Korea), September 16, 2000 | Go to article overview

Ford Gives Up Bid for Daewoo Motor


Ford Motor Co., priority negotiator in the international tender for the sale of the insolvent Daewoo Motor, yesterday gave up its bid for the Korean automaker, after two months of exclusive negotiations for such speculated reasons as difference over price and the American automaker's internal problems.

Ford's renunciation of its bid is expected to send the entire sale efforts to square one, turning it into a two-way competition between General Motors Corp. (GM) and Hyundai Motor-DaimlerChrysler team, two runners-up in the first round of the bidding.

Both Ford and Daewoo's corporate restructuring committee, a representative of Daewoo's creditors, said in separate statements that the world's No. 2 automaker decided not to submit a binding proposal, which was supposed to include, among other things, a price Ford was willing to pay.

In the statement issued under the name of Ford vice chairman Wayne Booker, the American automaker said, ``Ford has decided not to make a final offer for the acquisition of Daewoo Motor.''

``We believe that a proposal was not possible that would be in the best interest of Daewoo and Ford and their respective shareholders,'' Booker said.

Ford spokeswoman Meera Kumar told The Korea Times in a telephone interview, ``The one thing I can confirm is that Ford's decision to forsake its bid is not related to its alleged involvement in the ongoing scandal over Firestone's defective tires, serious as it is. Our decision on Daewoo and the Firestone issue are two separate issues.'' However, Financial Supervisory Commission chairman Lee Keun-young told reporters that Ford's withdrawal was attributed to its internal problem.

The Daewoo restructuring committee said in a statement that efforts would be made to complete the Daewoo-wide restructuring process as soon as possible.

``We will discuss and decide on the future course of action on the Daewoo Motor sale in terms of strategic investment attraction, in consultation with creditors, at the earliest possible date,'' the committee said.

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