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Hyundai Motor locked out of Daewoo Motor auction

Hyundai Motor (HM) is likely to be squeezed out of the Korean governmentÆs auction of Daewoo Motor
áHyundai Motor (HM) is likely to be squeezed out of the Korean governmentÆs auction of Daewoo Motor (DM), given the restricted access it now has to affiliatesÆ finances and the unwillingness of other potential bidders to take on the anti-trust baggage it would bring to a partnership.

The fact HM is still in the race and making noises appears to be little more than a face-saving excercise after controversial changes at the top of the Hyundai Group (HG), KoreaÆs largest chaebol.á HG founder Chung Ju-yung last week named Chung Mon-hun (MH), one of his younger sons, to take over as chairman of HG, while MHÆs elder brother Chung Mon-koo (MK) was announced chairman of the auto unit. Prior to the announcement the two Chung brothers had been co-chairman of HG since 1998.

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