GM Ready to Conclude Daewoo Merger

November 27, 2001

Sacramento - General Motors took its good old time in negotiating its acquisition of Korea's bankrupt Daewoo Motors, but the General is now anxious to close the deal before the end of the year. That's the word from Korea where Daewoo says it has assigned more people to the acquisition team, and in Detroit yesterday G.M. said it would appoint Nick Reilly head of its acquisition team. Reilly's remit is to speed up the deal and he was given a nice carrot for success. The vice president of G.M. Europe will head-up Daewoo for G.M. when the acquisition is completed.