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GM exits bidding for Kia, but Ford makes offer

Published on .

General Motors Corp. decided not to bid for South Korea's insolvent Kia Motors Corp., but Ford Motor Co. and three Korean companies have entered the race, Bloomberg News Service reported. Ford, already a big shareholder in Kia, and Hyundai Motor Co., Daewoo Motor Co. and Samsung Motor submitted bids by the Aug. 21 deadline, said Banque Nationale de Paris, the adviser to the government's auction. GM concluded that Kia and its affiliate Asia Motors "would not be compatible with our strategic needs," said Alan Perriton, president of GM Korea.

Copyright August 1998, Crain Communications Inc.

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