GM Trims Bid for Daewoo’s Assets

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Bloomberg News

General Motors Corp. scaled back a bid to buy Daewoo Motor Co. assets by a third to $1.7 billion as three years of talks with the South Korean auto maker’s creditors enter their final stage.

GM won’t acquire all of Daewoo’s overseas sales units, its unsold cars or a factory in Egypt, lopping $600 million from the $2.6-billion plan proposed in September. General Motors also won’t take on $260 million of debt in the new plan.

General Motors shares climbed $2.03 to $62.48 on the New York Stock Exchange.