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May 31, 2012

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GM 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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