Sale Of Daewoo To GM Moves A Step Closer

Daewoo workers in Korea have voted for the merger of the company with General Motors. The union had the final veto over the sale, under which GM will take a 67 per cent stake in Daewoo, with the remainder going to creditors, but almost 70 per cent of the workforce voted in favour. Daewoo ran into trouble nearly 18 months ago when the break up of the large Daewoo organisation left the car maker with debts totalling 10 billion US$.