from koreaherald.co.kr (http://www.koreaherald.co.kr/SITE/data/html_dir/2002/08/03/200208030019.asp); 2002.08.03

GM to sell stake in Daewoo Motor Sales

General Motors Corp. plans to sell its 11 percent stake in Daewoo Motor Sales Corp., a local newspaper reported yesterday.

The Chosun Ilbo said the U.S.-based automaker may have to pay more tax if it keeps the stake in Daewoo Motor's domestic sales agency.

General Motors wants to sell the stake before its new company, called GM-Daewoo Auto & Technology Co., begins operations next month, the paper said.

General Motors plans to keep selling cars through Daewoo Motor Sales, while also setting up its own independent network, it said.