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General Motors to sign takeover deal

Monday, April 29, 2002 | 9:50 a.m.

SEOUL, South Korea -- General Motors Corp. was expected to sign a $1.2 billion deal Tuesday to take over South Korea's Daewoo Motor Co., both sides said Monday.

Daewoo spokesman Kim Sang-won said the signing will include GM Chairman Jack Smith, Daewoo Chairman Lee Jong-dae and Jung Keun-young, head of the state-run Korea Development Bank, Daewoo's main creditor bank.

GM signed a preliminary deal to take over Daewoo in September. It had hoped to complete the purchase by the end of 2001, but negotiations dragged on because of differences over financial details.

The long-awaited deal is expected to boost the confidence of foreign investors in the South Korean economy. The acquisition also would give GM production bases in Asia, the world's fastest growing auto market.

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