bigbrada
30.04.02, 06:56
By Tim Burt, Motor Industry correspondent
Published: April 30 2002 00:07 | Last Updated: April 30 2002 04:22
General Motors on Monday night unveiled ambitious plans to create an Asian
carmaker, formed from the assets of Daewoo Motor, the bankrupt South Korean
automotive group.
After almost 18 months of talks, the world's largest carmaker said it would
acquire two of Daewoo's four domestic manufacturing plants, one overseas
factory - in Vietnam - and nine international sales companies.
The deal - valued at a total of about $2bn including cash payments, stock
liabilities and new fund-raising - signals an important breakthrough in South
Korea's attempts to restructure its manufacturing sector and open its car
market to overseas investors.
Under the terms of the deal, GM will pay just $251m for a 42.1 per cent stake
in a new, as yet unnamed, Korean carmaker. Daewoo Motor's existing creditors
will pay a further $197m for a 33 per cent holding in the new company, with the
remainder held by GM "partners" who will contribute $149m.
GM said that Daewoo creditors would also be issuing a $1.2bn convertible bond
against Daewoo assets. The new carmaker will assume $573m of liabilities, and
acquire stocks valued at $385m. It will have long-term committed working
capital facilities of $2bn.
GM's investment follows DaimlerChrysler's acquisition of a minority stake in
Hyundai Motor, the country's largest automotive group, and Renault's takeover
of the Samsung car plant.
Jack Smith, GM chairman, is due to sign the takeover agreement in Seoul on
Tuesday morning with Lee Jong-dae, his opposite number at Daewoo Motor, and
Jung Keun-yong, head of Korea Development Bank - the lead creditor for the
bankrupt group.
Mr Smith said: "This enterprise will produce a new generation of cost-
competitive vehicles that can be marketed around the world." The new company
will be managed by Nick Reilly, the former chairman of Vauxhall, GM's British
subsidiary.
Mr Reilly has overseen talks with Daewoo's creditors, management and union
leaders for the past six months. He said the company would not take over
Daewoo's sales companies in several large markets, including the US and the UK.
The move forms the latest phase of GM's global expansion, which has already
seen the carmaker forge alliances with Fiat Auto of Italy, as well as Suzuki,
Isuzu and Fuji Heavy Industries of Japan.
Z tego artykułu wynika, że zakłady w Polsce nie będą produkować Daewoo, co mnie
osobiście cieszy ze względów estetycznych, ale smuci z powodu zwolnienia
tysięcy ludzi z pracy.
