Hyundai keen to buy Daewoo plant

[Ulhas Joglekar]

DEC 20 1999
The Economic TimesOnline
Hyundai keen to buy Daewoo plant
Seoul
HYUNDAI Motor Co president Lee Kye-ahn has said his company was interested
in taking over a Polish plant of Daewoo Motor.
"Given the market-protective policy by the European Union...of the local car
industry, it is important to have a production base within the region,’’ Lee
said.
He stressed that Hyundai was not capable of buying out the entire Daewoo
Motor and was not interested in the local plants. But he said he opposed
General Motors taking over Daewoo Motor. "The takeover by GM will result in
collapse of local auto parts industry as well as employment unrest,’’ he
said. GM has expressed interest in Daewoo, seeking exclusive negotiations
with the company. — Reuters
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