Ford Named Exclusive Bidder to Buy Daewoo

Ford Motor Co., the world’s second-largest auto maker, will be the sole negotiator to acquire Daewoo Motor Co., beating out four rivals who also placed bids for South Korea’s No. 2 auto maker, the restructuring committee said. Ford and Daewoo Motor’s restructuring committee plan to sign a final agreement after negotiating terms over the next six weeks, the committee said. No financial details were disclosed, although Korean news reports said Ford’s bid was about $6 billion. Ford was competing with two joint bids, one by Hyundai Motor Co. and DaimlerChrysler and another by Fiat and General Motors Corp. Daewoo Motor is seen as a prize for auto makers seeking to use Korea as a new base in Asia, a region expected by analysts to outpace others in sales growth in the next 20 years. Shares of Dearborn, Mich.-based Ford gained $1.13, or 2.6%, to close at $44 on the New York Stock Exchange.