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. Last Updated: 07/27/2016

Daewoo Sale On Track

FRANKFURT, Germany -- DaimlerChrysler AG said Friday it will announce an alliance with Korea's Hyundai Motor Co Ltd. next week in a move widely expected to herald a joint bid for debt-ridden Daewoo Motor.

DaimlerChrysler, which agreed to buy a 34 percent stake in Japan's Mitsubishi Motors in March, said it would hold a news conference with Hyundai, Korea's biggest car maker, in Seoul on Monday to announce the alliance. It declined to provide further details.

Recent speculation has pointed to DaimlerChrysler and Hyundai launching a joint bid for Daewoo, which is saddled with debts of about $16 billion. DaimlerChrysler has remained tight lipped about its plans.