GM offers $ 6.2 bn for Daewoo

GM offers $ 6.2 bn for Daewoo
Reuters

SEOUL, DEC 15: General Motors Corp has offered to pay between six and seven trillion won ($ 5.3- $6.2 billion) to take over South Korea's ailing Daewoo Motor Co, local Yonhap news agency reported on Wednesday.

Yonhap said GM has conveyed the proposal to the South Korean government and domestic creditors of Daewoo Motor in recent meetings with them. It also said the Korean parties were now seriously considering whether or not to hold exclusive talks with GM over the sale of Daewoo Motor.

Officials at government authorities and Daewoo Motor's local creditor banks were not immediately available for comment.