Daewoo Requests Compensation for Acquiring Samsung Motors
Kim Tae Koo, president in charge of restructuring for Daewoo Group, said on January 28, 'It is not possible to acquire Samsung Motors without assurances of compensation for expected losses. Though we will acquire Samsung Motors, we will not be able to accept losses caused by producing Samsung Motors' new model the 'SM5'.'At a press conference held on the day, he added 'The company will only be able to make a contract to acquire Samsung Motors, if the price for acquisition is fixed.'
He said, 'The company asked Samsung Motors to present its financial and business situation. If we receive the basic data, Daewoo will start consultations with Samsung Motors within 10 days.'
Concerning the matter, a source at Samsung Motors said, 'Samsung is now making the report which Daewoo requires and will present the report to Daewoo within the next week.'
with the Korea JoongAng Daily
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