Hyundai, GM, to be priority negotiation partners

Financial Supervisory Commission chairman Lee Keun-Young stated on September 16, "We will make our best effort to sell off Daewoo Motor through a dual offers to the Hyundai-Benz-chrysler consortium and the GM-Fiat consortium." The statement has led many analysts to conclude that the adoption of two prospective buyers was prompted by the earlier failed sale to Ford Motor company at which time an unexpected turn of events led to the pull-out by the solitary prospective buyer.

Chairman Lee revealed, "Should one of the two consortiums pull out or is cold to the offer, there still will be a possibility of a sale." The Chairman further revealed that such a case will prompt them to implement addition of another bidder.

Chairman Lee added, "We will utilize all possible means to bring about a sale of the Daewoo Motors ."

Meanwhile, Hyundai Motor has clearly revealed its intention and hope for the take-over of Daewoo Motor. Hyundai Motor President Lee Gae-Ahn revealed in an exclusive interview on September 16, "It is a rather unexpected fortuitous turn of events."

A high-level source in Hyundai stated, "We failed to succeed in our bid in March and said we would wait until September." He alluded, "Should the talks with the government prove agreeable, we are ready to make a case to the Daimler-Chrysler consortium or even consider a take-over on our own."

artemes@donga.com