GM, "Additional Acquisition of 7 Overseas corporate bodies of Daewoo Motor "

General Motors of US decided to take over 7 overseas corporate bodies of Daewoo Motor such as Britain, Australia, Hungary, Czech, Bulgaria, Republic of Slovakia and Macedonia.

So, it is forecasted that there will be total 17 overseas corporate bodies of Daewoo Motor acquired by GM, including the existing 10 places.

According to Financial Supervisory Commission (FSC) and the creditors group of Daewoo Motor on December 17, GM determined to additionally take over 7 overseas corporate bodies which were investigated as the competitive sales network among 35 overseas corporate bodies of Daewoo Motor in the world.

A high-ranking official said, “The management team of GM Daewoo Motor took over Daewoo Motor and then rechecked the overseas corporate bodies. Among them, it has progressed the additional acquisition by evaluating the competitiveness of 7 corporations. This acquisition is likely to be succeeded because domestic and foreign creditors banks are affirmative on the additional acquisition of GM.”

He said, “However, it will take time to harmonize a problem of exact calculation with domestic creditors group and foreign creditors group for the business corporation of Daewoo Motor.”

When GM additionally acquires seven overseas corporate bodies, 14 production corporations and 14 sales corporations among corporations of Daewoo Motor will seem to stand up alone or close their business. Before it, when GM made a contract for the acquisition of Daewoo Motor on April 30, it acquired only 10 overseas corporate bodies including Austria, Benelux, France, Germany, Italy, Puerto Rico, Spain & Switzerland (sales corporations), HANOI of Vietnam (production corporation) and Holland (European part corporation).

The official of creditors group said, “7 overseas corporate bodies additionally to be acquired by GM were not included in the acquisition target because they overlap with a foreign sales network of GM. Additional acquisition of the sales corporations, not foreign production factory is a strategic arrangement of strong points of the foreign sales network. The related companies of Daewoo Motor which are not acquired to GM, include only 28 overseas corporate bodies including Busan Bus factory and Gunsan car factory.

Dong-Won Kim daviskim@donga.com