The establishment of GM Daewoo Auto and Technology in Korea, the new manufacturer of Daewoo cars and the parent of GM Daewoo UK Ltd, has been voted the Best Merger/Acquisition in Asia by Corporate Finance magazine. In a year featuring a number of auto industry deals in Asia, the panel of judges – senior finance executives from leading multi-national Corporate companies – chose GM DAT on the basis of its size, the strategic benefits which it brings to GM and the political significance for Korea.
The ceremony takes place on Thursday 23 January at the Carlton Tower hotel in London and Angus Foote, editor of Corporate Finance, will present the GM DAT award. Other award categories relate to Equity and Debt, with the individual M and A awards being presented for Asia, Europe and the United States.
Andy Carroll, managing director of GM Daewoo UK Ltd, will collect the award on behalf of GM DAT. On hearing of the award, Andy Carroll said: ‘I am pleased to accept this award on behalf of all partners in GM DAT who worked long and hard to ensure a successful outcome in a challenging environment. We firmly believe that there is a long term future for GM Daewoo in the global automotive industry and that its success will be firmly based on the quality of the deal negotiated in Korea.’
Angus Foote, editor of Corporate Finance, said: ‘Deals in which all partners are the winners are usually the most successful in the long term. GM displayed great commitment and perseverance in constructing this deal and established itself as a true regional player in the process. The Korean government was able to preserve jobs, maintain the identity of a globally recognised brand and demonstrate its commitment to foreign investment and stable financial markets. And creditors were able to recoup their investment via equity participation.’
GM Daewoo UK Ltd is a wholly owned subsidiary of GM DAT. This new start-up company has established a comprehensive retail and authorised repairer network in the UK and has already launched a new product, the Daewoo Kalos five-door family saloon. It is also rapidly developing a relationship with existing Daewoo customers across the UK.Published 21 January 2003