Ford exec seeks to soothe Daewoo doubts

Partial employee-ownership of Daewoo Motor Co. Ltd. by Daewoo employees is one of the possibilities Ford Motor Co. is studying in its current bid for the flagging No. 2 Korean automaker, Ford Vice Chairman Wayne Booker tells WAW. Daewoo will be auctioned off later this year or early next year, with most observers convinced the final duel will come down to Ford vs. General Motors Corp. Mr. Booker says

Partial employee-ownership of Daewoo Motor Co. Ltd. by Daewoo employees is one of the possibilities Ford Motor Co. is studying in its current bid for the flagging No. 2 Korean automaker, Ford Vice Chairman Wayne Booker tells WAW. Daewoo will be auctioned off later this year or early next year, with most observers convinced the final duel will come down to Ford vs. General Motors Corp. Mr. Booker says employee ownership could be implemented through individual employee purchases of shares in the new company, or employees could form a consortium and purchase a major position. Ford has no objection to Daewoo creditors taking an equity position in the new company, as well. "It's a way for them to share in the future of the new company and recoup some of the losses they have incurred," Mr. Booker says. Ford has no plans to close any Daewoo Motor operation in Korea or to make Daewoo a smaller participant in the world markets. "Daewoo workers should know that we have no form of a slash-and-burn policy in mind," Mr. Booker says. "We do not want to make Daewoo smaller in the world. Our intention is to grow the new company."

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