|
DAEWOO MOTOR
CO./GENERAL MOTORS
CORP.
|
 |
| Deal
finally done |
|
|
A consortium led by General Motors
Corp. on Thursday, Oct. 17, concluded its complex and long-awaited
$400 million takeover of bankrupt South Korean carmaker Daewoo Motor
Co., following months of wrangling with creditors, labor unions
and courts.
|
|
| Company |
Daewoo
Motor Co. |
General
Motors Corp. |
|
| CEO |
Young-Kook
Lee |
G. Richard
Wagoner Jr. |
|
| Headquarters |
Inchon,
South Korea |
Detroit
|
|
| Date |
Action |
|
| 10.17.02 |
GM finalizes takeover of Daewoo
Motor and expects to announce new executives at the end of the month
|
|
| 10.16.02 |
Daewoo Motor's main creditor, Korea
Development Bank, agrees to extend to GM Daewoo $1.6 billion in
financing as part of a $2 billion loan package
|
|
| 10.13.02 |
Shanghai Automotive Industry Corp.,
or SAIC, joins a GM-led investment consortium to bail out Daewoo
Motor. SAIC and GM confirmed that SAIC would invest $59.7 billion
for 10% of GM-Daewoo Auto and Technology Co., a company housing
three Daewoo manufacturing plants
|
|
| 10.09.02 |
SAIC is
reportedly set to buy a 10% stake in Daewoo Motor for $59.7
million
|
|
| 9.13.02 |
GM moves
closer to Daewoo Motor deal after South Korean court endorses Daewoo restructuring plan
|
|
| 6.27.02 |
Suzuki Motor
Corp. to
invest $89 million for a 14.9% stake in Daewoo Motor; GM will
invest $251 million for a 42% stake |
|
| 6.14.02 |
GM denies
report that Japan's Suzuki and SAIC would take 25% stake in GM
Daewoo |
|
| 4.30.02 |
GM's Smith
signs Daewoo Motor accord |
|
| 4.25.02 |
Daewoo Motor's main
creditor says minor issues still
need to be resolved |
|
| 4.22.02 |
Daewoo Motor-GM signing
delayed several days |
|
| 4.17.02 |
Daewoo Motor says contract
to sell assets to GM will
be signed April 23 |
|
| 4.10.02 |
South Korean auto
union officially approves leadership's endorsement of Daewoo-GM
deal |
|
| 4.09.02 |
South Korean auto
union agrees
to proposed Daewoo Motor-GM deal |
|
| 4.03.02 |
Daewoo Motor chairman
expects
to close a deal with GM this month |
|
| 3.21.02 |
Talks enter
final stages, but Daewoo Motor union still opposes a deal |
|
| 3.19.02 |
Daewoo Motor president
says
an agreement possible that would resemble initial terms reached
in September |
|
| 3.18.02 |
Daewoo Motor's lead
creditor says talks with GM
have made progress |
|
| 3.13.02 |
GM, Daewoo Motor agree
to negotiate again |
|
| 3.12.02 |
GM talks with Daewoo
Motor near
collapse |
|
| 3.07.02 |
Newly discovered debts
delay
Daewoo-GM deal |
|
| 2.19.02 |
GM executive hopes
to conclude deal by
April |
|
| 2.10.02 |
GM shows interest in
buying only
nine of Daewoo Motor's 22 overseas sales units |
|
| 1.10.02 |
South Korean union
demands delay
possible agreement between GM and Daewoo Motor |
|
| 12.12.01 |
Daewoo Motor creditor
says GM deal unlikely
before year's end |
|
| 12.11.01 |
Daewoo Motor shuts
three main plants after suppliers stop shipments because of $1.2
billion in unpaid bills |
|
| 12.10.01 |
Due diligence by four
foreign companies delays
Daewoo Motor deal |
|
| 10.31.01 |
Union leaders ask
GM to rehire 1,700 Daewoo Motor
workers |
|
| 9.21.01 |
GM signs
preliminary agreement to buy Daewoo Motor
for $400 million |
|
| 8.31.01 |
GM makes
"final" bid for Daewoo Motor,
excluding the main Pupyong plant |
|
| 2.16.01 |
Daewoo Motor
cuts
1,750 workers to woo GM |
|
| 11.10.00 |
Daewoo Motor
files
for bankruptcy protection |
|
| 10.09.00 |
GM, Fiat Auto enter
joint bid for Daewoo Motor |
|
| 9.18.00 |
Ford withdraws
$6.9 billion offer after Firestone tire problems discovered |
|
| 5.10.00 |
GM re-enters
bidding for Daewoo Motor |
|
| 4.17.00 |
South Korea's president
vows to pursue Daewoo Motor
sale |
|
| Source:
The
Deal |
