Salem Radio Network News Wednesday, April 25, 2018

Business

South Korea to complete due diligence on GM Korea by early May

SEOUL (Reuters) – South Korea said on Thursday it expects to complete due diligence on General Motors Co’s <GM.N> local subsidiary by early May, as the government considers whether to inject taxpayers’ money into the U.S. automaker’s money-losing unit.

“We aim to complete due diligence by the end of April, but expect the process to continue until early May,” state-funded Korea Development Bank Chairman Lee Dong-geol told reporters.

He said due diligence was progressing, and that GM was submitting more documents for review.

In February, GM said it planned to shut one of its South Korean factories and that the fate of its remaining three depended on government support and wage concessions from its workers union.

(Reporting by Hyunjoo Jin)

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