SEOUL — General Motors Corp. signs a non-binding memorandum of understanding Sept. 21 under which GM and certain of its alliance partners will acquire a large chunk of bankrupt Daewoo Motor Co. Ltd.’s assets, culminating years of negotiations. The new company to be formed is expected to have annual revenues of about US$5 billion, and will enable GM to achieve its strategic objectives of gaining access to the Korean market and a strong portfolio of highly cost-competitive vehicle platforms, ...
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