Where is Dc on this auction? Not! It is looking into the merging with
Honda out of Japan. Yes!
I know! The RICE CAN ROCKET which kids have no clue on real HP power.
=========================================
Ford to enter auction for Korea's Daewoo Motors
DETROIT, Feb 14 (Reuters) - After a month of studying, Ford Motor Co.
has
decided to formally bid for South Korea's Daewoo Motor , a Ford official
said on
Monday, setting up a showdown with American rival General Motors Corp.
"We have been doing due diligence for some time now. We've found
nothing at this
point to cool our interest," Ford spokesman Jim Bright said.
Ford, the world's No. 2 automaker, would prefer to submit its own bid
for Daewoo,
South Korea's No. 2 automaker that has been struggling under about $16
billion in debt.
But Bright said Ford has not ruled out teaming up with a partner.
In Seoul, a spokesman for Daewoo Motor, a unit of Daewoo Group , said
Monday
the company plans to send letters this week inviting potential bidders to
submit
proposals. Local Korean media in the last week have identified five suitors:
GM, Ford,
German-American automaker DaimlerChrysler AG , Italy's Fiat SpA and Hyundai
Motor Co. Ltd <05380.KS>, South Korea's largest automaker.
Ford officials do not expect the bidding process to begin until after
the country's
national legislative elections in April. Ford would want a controlling
interest on Daewoo
Motors board, but has also said it would respect the company's national
identity and
maintain it as a Korean company.
No. 1 automaker GM submitted a bid in December that industry sources
have said
offers to pay between $5.3 billion and $6.2 billion for Daewoo Motor and
assume some
of its debt. Under GM's proposal, Daewoo creditors would be given a minority
stake in
the automaker.
GM and Ford, which are both actively trying to expand their Asian
presence, are
interested in Daewoo because of the access it offers to the Korean market
and supply
base as well as its Eastern European operations.
Daewoo would also offer a low-cost way to sell entry-level products in
the United
States. Daewoo, along with Hyundai and Hyundai's Kia Motors Corp <00270.KS>
affiliate, have made sales in-roads in the last two years at the low end of
the U.S.
market.
But a foreign purchase of Daewoo could raise problems for its creditors
and
Korea's government. South Korea's metal workers' union has threatened a
strike if
Daewoo Motor is sold to a non-Korean company.
=================================
Steve St.Laurent
2000 DC Dakota 4.7, CC, 4x2, 3:55 (soon 330HP)
2000 Roush Mustang Stage I (awaiting the new SC)
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