Hyundai Motor locked out of Daewoo Motor auction

Hyundai Motor (HM) is likely to be squeezed out of the Korean governmentÆs auction of Daewoo Motor

March 28, 2000

áHyundai Motor HM is likely to be squeezed out of the Korean governmentÆs auction of Daewoo Motor DM, given the restricted access it now has to affiliatesÆ finances and the unwillingness of other potential bidders to take on the anti-trust baggage it would bring to a partnership.

The fact HM is still in the race and making noises appears to be little more than a face-saving excercise after controversial changes at the top of the Hyundai Group HG, KoreaÆs largest chaebol.á HG founder Chung Ju-yung last week named Chung Mon-hun MH, one of his younger sons, to take over as chairman of HG, while MHÆs elder...

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