The following statement was issued Sept. 15, 2000, in Seoul, Republic of Korea, by W. Wayne Booker, vice chairman of Ford Motor Co. “Ford Motor Company has decided not to make a final offer for the acquisition of Daewoo Motor. We believe that a proposal was not possible that would be in the best interest of Daewoo and Ford and their respective stakeholders. “We have been very satisfied with the cooperation and professionalism of the Corporate Restructuring Committee and the Daewoo employees who provided support. We sincerely appreciate the lengths to which they have gone to cooperate with us. We wish Daewoo Motor every success in the future.” The surprise move by Ford puts Daewoo, perhaps the world’s sickest automaker, back in play and opens the door for General Motors Corp. to acquire its one-time partner. Daewoo, one of four major Korean automakers, represents the last opportunity for Western automakers to gain a foothold in Asia’s second-largest but largely closed market. Analysts say GM, with help from Italian partner Fiat SPA, is likely to step in and negotiate with Daewoo’s creditors and the Korean government. GM, desperate to grab 10 percent of Asia’s burgeoning car and truck market, will consult with Fiat before making a new bid for the troubled automaker. “We continue to be interested in Daewoo,” said Rudy Schlais, head of GM’s operations in Asia. “But we regret that Daewoo has lost valuable time while its condition continues to deteriorate.” Because many of Daewoo’s plants and vehicles are based on one-time GM designs, analysts say GM would avoid any “acquisition penalty” to get Daewoo back on solid footing. “Ford has done GM a big favor by driving the ultimate price paid for Daewoo down,” said Joe Phillippi, an auto analyst for PaineWebber in New York. DaimlerChrysler AG said today it was unlikely to submit another bid, indicating the immense restructuring effort required is out of proportion with the potential payoff. Korea’s second-largest automaker continues to hemorrhage under the weight of debt payments, an aging vehicle lineup and shrinking Korean market share. The bulk of its overseas operations continue to operate at huge losses. A spending spree that produced plants in Poland, India and other remote corners of the world hobbled Daewoo with $18 billion in debt. Daewoo lost $840 million in the first six months of 2000, up nearly $425 million from the same period in 1999.