General Motors on Tuesday signed a final agreement to acquire key assets of South Korea's bankrupt Daewoo for $251 million in cash, capping off more than a year of buyout talks.
GM agreed to take a 42.1 per cent stake in a joint venture with Daewoo creditors to revive South Korea's third-largest automaker in sales terms. The creditors will hold 33 per cent and GM partner companies will take a 24.9 per cent stake, GM said in a statement.

The deal marks a major victory for a government that has pushed to attract foreign capital, while offering GM a far larger foothold in one of Asia's largest auto markets.

"This is an important day for GM," Jack Smith, chairman of the world's largest automaker, said in a statement.
The joint venture will operate two plants in South Korea and one in Vietnam. It also agreed to assume eight sales units overseas, including seven in Europe and one in Puerto Rico, and one parts unit in the Netherlands. Bureau Report