March 12, 2018 / 5:59 AM / in 3 months

S.Korea kicks off due diligence on GM's S.Korean unit - KDB official

SEOUL, March 12 (Reuters) - South Korea held an initial meeting on Monday for its due-diligence of General Motors’ local unit to decide whether to provide funds for the unit’s troubled operations.

An official at state-funded Korea Development Bank, which holds a 17 percent stake in GM Korea, said the meeting took place on Monday.

GM said last month that it would shut one of its factories in South Korea and decide on the fate of the three remaining plants in the coming weeks, a decision it said will depend on the government support it can secure and wage concessions it can get from its local union. (Reporting by Ju-min Park and Hyunjoo Jin; Writing by Joyce Lee; Editing by Muralikumar Anantharaman)

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