GM, “negotiation for Daewoo motors, promoted”

Richard Wagoner, chairman of GM in U.S (photo), stated, “negotiation with credit group and Daewoo motors is getting promoted.”

According to related industry on 6th, chairman Wagoner said like this at `Geneva motor show 2002`, which was held at Geneva, Swiss on 5th(local time) and added, “however, it is difficult to mention clearly when it will reach conclusion”

He also stressed, “GM doesn`t want to break off negotiation for taking over Daewoo motors and will process negotiation continuously.”

Chairman Wagoner estimated, “there are many problems that requires solution for reaching conclusion of taking over of Daewoo motors” and, “as there are things to solve with not only Daewoo motors but also credit group and government side, it might be quite hard negotiation.”

In addition, he said, “GM will proceed negotiation as soon as possible and hope that Daewoo motors can be reborn as new member of GM so that it can support GM aggressively.”

He avoided with regard to matters like `unforeseen credit` or `revision of short negotiations`, which is pointed out as obstacle of negotiation, saying, ¡°as it is secret negotiation, I can`t mention about concrete issues.”

Dong-Won Kim daviskim@donga.com