• Business
  • Thursday, 27 Mar 2003

SEOUL: Daewoo Motor Co said yesterday that General Motors Corp (GM) was set to buy its engine joint venture in China, reinforcing the presence of the world’s largest motor vehicle maker in the world’s fastest growing market. 

GM and partners took a majority stake in ailing Daewoo Motor last year for US$251mil to create GM Daewoo Automotive and Technology Co. The Chinese unit was set up in 1999 with the Shandong government and Daewoo holding 50% each. – Reuters 



MELBOURNE: The world’s largest diversified miner, BHP Billiton Ltd/Plc, announced yesterday it has sold its 25% stake in Argentina’s Alumbrera copper and gold mine to Wheaton River Minerals Ltd of Canada for US$180mil. 

Wheaton, however, said it was taking only a 12.5% stake. The other 12.5% would go to “arm’s length third party” that it did not identify. Earlier this year Wheaton also bought Rio Tinto Ltd/Plc’s 25% in the Alumbrera project. The balance 50% belongs to Australia’s MIM Holdings Ltd. – Reuters 



PARIS: Credit Agricole has won approval from the French stock market regulator for its 19.5 billion euros (US$20.9bil) offer to buy banking peer Credit Lyonnais. 

The approval comes after Agricole obtained crucial backing with some limits earlier this month from France’s banking regulator CECEI. The bank said it would publish a prospectus of the deal this week to mark the official start of the offer. – Reuters 



MADRID: The Spanish units of telecoms giants British Telecom (BT) and Vodafone said they would join forces to bid for an 86 million euros (US$92.16mil) contract with Spain’s defence ministry. 

Spain’s dominant telecommunications operator Telefonica and telecoms holding company Auna have also expressed interest in the 30-month contract. – Reuters  

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