Senior general motors executives arrived in Seoul, signaling a possible new turn in negotiations to take over financially troubled Daewoo Motor Co. A source close to the situation said the visitors might meet with Daewoo creditors and South Korean government officials. Daewoo Motor's debts are estimated at $12.5 billion, and the company has suggested it would hand over the management reins in exchange for a major infusion of working capital. It also was possible, a spokesman acknowledged, that GM might buy two smaller South Korean automakers, Samsung and Ssangyong. Both of those are mired in debt as well.
Consolidated Edison is buying Northeast Utilities for about $3.3 billion in cash and stock, the companies said. The union of Northeast and New York-based Con Edison would create a utility supplying electricity to more than 5 million customers and natural gas to 1.4 million. Northeast's headquarters are in Berlin, N.H.
(c) Copyright 1999. The Christian Science Publishing Society