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Ford Wins Exclusive Negotiator Status to Bid for Daewoo Motor: Report
US auto giant Ford Motor Co. has been awarded exclusive negotiator status to bid for South Korea's insolvent Daewoo Motor Co., Seoul's cable news network YTN said Wednesday.
"Ford has won the highest marks in various aspects such as bidding prices, technology transfer and employment security," YTN said quoting a source working at the auction office for Daewoo Motor.
The report said the Daewoo restructuring committee, which is in charge of the international auction, will announce the results Thursday.
Daewoo auction officials refused to comment on the report.
On Monday, German-US auto group DaimlerChrysler and South Korea's leading Hyundai Motor Co. submitted a joint bid for Daewoo and General Motors Corp. and Italy's Fiat SpA also made a joint bid. Ford entered the race on its own.
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