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Samsung Loses Attempt to Acquire Fokker

January 01, 1997|Times Staff and Wire Reports

Samsung of South Korea lost a chance to revive its failed bid to take over Dutch aircraft maker Fokker when other airplane makers rejected its offer to form a consortium. The three proposed partners--Hyundai, Hanjin and Daewoo--have notified the South Korean government that they will not join Samsung Aerospace Industries Ltd., the Trade Ministry said. Expectations that the rival South Korean companies would join hands had been small. Fokker shut down 90% of its operations and laid off 5,600 workers after its aircraft building operations went bankrupt in March.

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