February 22, 2018 / 6:49 AM / 23 days ago

S.Korea to conduct due diligence on GM's S.Korean unit in quick manner

SEOUL, Feb 22 (Reuters) - South Korea plans to conduct due diligence on the South Korean unit of General Motors Co in a quick manner, the country’s finance minister, Kim Dong-yeon, said on Thursday.

The Detroit automaker announced last week that it would shut its plant in the city of Gunsan, southwest of Seoul, by May and decide the future of the remaining three plants in the country within weeks. GM has asked for financial support for its money-losing South Korean unit.

Meanwhile, GM’s South Korean labour union on Thursday has decided not to go on a strike for the time being, a union source told Reuters. It plans to ask the government to participate in the due diligence of GM Korea, the source added. (Reporting by Shin-hyung Lee and Hyunjoo Jin)

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