The number of bidders for Daewoo Motor officially shrank from five to three in the run-up to yesterday's deadline for offers to be submitted. DaimlerChrysler and Hyundai Motors on the one hand and General Motors and Fiat on the other have agreed to make joint bids against each other and Ford for debt-laden Daewoo Motor. The DaimlerChrysler and Hyundai Motors tie-up was well-leaked, and the General Motors and Fiat alliance had been widely expected.
The Korean government and Daewoo Motor's creditors should not be too concerned by the narrowing of the field û for many this has always been a two-horse race between General Motors and Ford. Fiat is 20%-owned...
