Daewoo takeover pushed back

The completion of talks for the takeover of Daewoo Automobile Romania by the Romanian state was pushed back by the Korean party, Daewoo Motor Co Ltd., until January, the Economy and Trade Ministry announced on Monday. “The Romanian party made a request to the Korean party to have the negotiations completed by the end of this week. Daewoo Motor Co Ltd. notified us that they had to postpone the completion of the negotiations for January because of some internal issues,” the ministry officials say. The Economy and Trade Ministry representatives added that they had reached the final stage of the talks with the South Korean company in order to work out the last details on the takeover of its 51% in the Craiova-based carmaker. The plant in Craiova can manufacture cars under the Daewoo brand until the beginning of January, once General Motors extended the license agreement that expired in October. ZF