Automotive Industry

Romania bids for Daewoo plant; Government plans to resell it quickly to rescue local jobs.(Daewoo Romania.)

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Byline: Lyle Frink

The Romanian government wants to buy complete ownership of Daewoo Romania so it can resell it to a major automaker and avoid a shutdown this autumn.

Romanian officials offered [euro]32 million to Daewoo Motor Co., for 51 percent of Daewoo Romania. Romania owns the other 49 percent.

Daewoo Motor rejected the offer as too low, but is continuing to bargain with Romania, said a member of Daewoo's overseas management team.

"We're still negotiating," said the official in Incheon, South Korea.

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