On October 19, Hyundai Motor Co. was named the winner of the third round of the
international auction of Kia Motors Corp. and Asia Motors Co., emerging as the
primary candidate to take over the two companies.
Immediately after the close of bidding on October 12, an auction committee composed
of outside analysts and legal experts began its evaluation of the four offers received.
Taking into account the total offer package, including requested debt write-offs, Hyundai's
bid earned the highest overall score, followed by runner-up and alternate candidate
Daewoo. The lowest scoring bid was from Samsung Motors Inc., and Ford Motor Co.
was disqualified for offering a tender price lower than the 5,000 won face value of Asia
Now that a winner has been selected, the auction process moves into the final stage.
Hyundai's bid has been forwarded to Kia's main creditor, Korea Development Bank,
and other creditors for final approval, which is expected to come by the end of October.