General Motors increases Daewoo Ownership
Automaker Daewoo is experiencing a liquidity problem due to the global recession. Recently, General Motors has taken advantage of an equity rights issue to gain a larger stake in the company as part of its ownership as the GM Daewoo Auto & Technology of South Korea. GM increased its stake in Daewoo from 50.9 percent to 70.1 percent. The automaker said that the money will go toward general corporate purposes including funding repayment of maturing debt. Other shareholders in Daewoo including the Korean Development Bank, Suzuki Motor Corp., and Shanghai Automotive Industry Corp. via Detroit News
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