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Ford’s bid may lack due dili­gence, but can low­er if jus­ti­fied & not major reduc­tion; Dae­woo Motor = $14B-$15B unpaid debts
Ford & Dae­woo restruc­tur­ing com­mit­tee works next 6-weeks on details dur­ing 2nd round of due dili­gence
Dae­woo Group has basic fun­da­men­tal strengths, mis­man­age­ment blamed for finan­cial prob­lems; some nego­ti­a­tion expect­ed upon review of high­er qual­i­ty finan­cials
GM promis­es to return if anoth­er round of bids ordered; still hopes to use Daewoo’s 2M vehi­cle man­u­fac­tur­ing capac­i­ty
“Ford offered bet­ter capa­bil­i­ties to ‘improve the cor­po­rate val­ue of Dae­woo Motor, a will­ing­ness to trans­fer tech­nol­o­gy, pro­vide job secu­ri­ty & con­tribute to the growth & devel­op­ment of com­po­nents indus­try.’ ” — spokesman for Dae­woo Motor’s cred­i­tors
“We are here to under­stand all that we can about Dae­woo & ensure that it remains a source of nation­al pride as well as a suc­cess­ful glob­al brand.” — David Sny­der, Ford exec­u­tive direc­tor, Asia-Pacif­ic New Busi­ness Devel­op­ment
Significant Points
Ford, world’s most prof­itable automak­er, promis­es to add val­ue to Dae­woo & pre­serve Kore­an jobs
Gives Ford access to 2nd largest mar­ket in Asia/Pacific; glob­al expan­sion con­tin­ues
Details of Ford’s bid con­fi­den­tial; esti­mat­ed $6.9B bid receives approval by Kore­an Pres­i­dent, Kim Dae-Jung
Recent­ly-allied DC/Hyundai report­ed­ly bid @ $6B; $7B if includes Ssany­ong Motor sub­sidiary
Hyundai owns 75% share of Kore­an car mar­ket; hop­ing to posi­tion itself against for­eign com­peti­tor


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