Renault bids for Samsung Motors
PARIS - Renault is bidding for the assets of debt-laden Samsung Motors. Renault wants to create a joint company, owned 70 percent by Renault and 30 percent by Samsung Motors' parent, Samsung Group.
The combined company would acquire the operating assets of Samsung Motors for $450 million. Renault's initial investment would be $235 million and Samsung's $100 million.
But Samsung Motors' creditors complained March 10 that the proposed deal wasn't good enough, setting the minimum sale price at $1 billion.
Toyota set to join online exchange
TOKYO - Toyota Motor Corp. is preparing to shift part of its $37.4 billion parts procurement to the new web-based trade exchange set up by Ford, General Motors and DaimlerChrysler. Toyota will join the exchange on a limited basis, restricting its participation to basic commodities.
Tadaaki Jagawa, executive vice president in charge of procurement, said Toyota would limit its involvement due to concerns about quality assurance and security on an open network.
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Hyundai spurred by Asian recovery
SEOUL - Hyundai Motor Co.'s net profit rose to 414.3 billion won (A387 million) in 1999, from a net loss of 33.18 billion won a year earlier. Hyundai attributed the profit to strong sales at home and abroad. Sales totaled 1.3 million units compared to 847,670 in 1998, following Hyuindai's purchase of Kia Motors. 'The (1999) results showed Hyundai's healthy position following two years of financial crisis in Asia,' said Chairman Chung Mong-koo.
BuyPower gears up in Europe
GENEVA - Mark Hogan, president of e-GM, the Internet commerce unit of General Motors, said GM's BuyPower website will be operating in mainland Europe and Japan later this year. Hogan also hopes to negotiate a link between the Japanese BuyPower site and Toyota's retail website, Gazoo.com, by the end of 2000.
GM's Vauxhall unit in the UK has already launched its version of BuyPower.
UK's Lex sells car dealerships
LONDON - UK motoring services group Lex Service plc has sold its 32 car dealerships and four bodycenters to Pendragon plc for up to L95 million (A150.5 million). The disposal ends more than 50 years of new car retailing for Lex.