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StumbleGM bids for automaker
Wednesday, May 30, 2001 | 11 a.m.
SEOUL, South Korea -- General Motors Corp. submitted a proposal today to take over ailing Daewoo Motor, Daewoo's chief creditor said. The bid may lead to negotiations for the sale of South Korea's third-largest carmaker.
A sale of Daewoo to foreign investors is seen as a test of the government's will to carry out economic reforms needed to lure foreign investment.
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