Tata Motors becomes preferred bidder for acquiring Daewoo
By Our Corporate Bureau | 23 Oct 2003
Mumbai: Tata Motors yesterday informed the Bombay Stock Exchange that it has been selected as the "preferred bidder" for acquiring Daewoo Commercial Vehicle Company Ltd (DWCV) in Korea. This places the Indian company as the top contender to own DWCV, the commercial vehicles unit of Daewoo Motor Corporation. DWCV, at present the second-largest manufacturer of heavy commercial vehicles in Korea with a 26-per cent market share, was incorporated under a reorganisation plan in November 2002.
Its emergence as preferred bidder requires Tata Motors to enter into a memorandum of understanding with DWCV, followed by a detailed due-diligence process.