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GM 'makes an offer' for Daewoo

General Motors has offered almost $590m for bankrupt Daewoo Motor, according to Reuters.

Quoting the Korea Economic Daily newspaper, it says the offer - made last month - excludes Daewoo's main plant in Pupyong.

GM and Fiat have been in talks with Daewoo and its creditors for almost a year on a possible buyout.

"Price terms are confidential, while any denial would spark more speculation about a takeover price," Yoon Jae-min, a spokesman for main creditor Korea Development Bank told Reuters.

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