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. Last Updated: 07/27/2016

Daewoo Bids Closing

SEOUL, South Korea -- DaimlerChrysler AG and South Korea's Hyundai Motor Co. Ltd. made a joint bid Monday to buy South Korea's troubled Daewoo Motor, which is being auctioned off by its creditors.

Analysts said it was unclear why the U.S.-German firm needs Daewoo.

DaimlerChrysler and Hyundai are competing with Ford Motor Co. and a joint bid by U.S.-based General Motors and Italy's Fiat.