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Exclusive: South Korea may sign GM Korea funding deal by April 27 - KDB chair

Reuters  |  SEOUL 

By Hyunjoo Jin and Ju-min ParkSEOUL (Reuters) - Korea Development Bank (KDB) may sign a preliminary agreement by April 27 to financially support General Motors Co's troubled South Korean unit, provided interim due-diligence on the unit is satisfactory, the chairman of the state-run lender said on Tuesday.GM proposed in February an investment of $2.8 billion into its money-losing South Korean operations over 10 years, days after announcing a sweeping restructuring. It has asked Seoul to provide a share of the funds for the overhaul.The U.S. automaker owns 77 percent of its South Korean unit, ...

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First Published: Tue, April 17 2018. 13:37 IST
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