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June 26, 2000 | PAUL SHIN, ASSOCIATED PRESS
U.S.-German auto giant DaimlerChrysler will acquire a 10% stake in South Korea's leading car maker, Hyundai Motor Co., for $428 million, both sides said today. The deal was aimed at strengthening Hyundai's strategy to become a global player by ranking among the top five auto makers by 2010. The tie-up also boosted chances of a joint bid to be submitted by the two firms to buy debt-ridden Daewoo Motor Co. in an international auction due today.
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BUSINESS
June 26, 2000 | PAUL SHIN, ASSOCIATED PRESS
U.S.-German auto giant DaimlerChrysler will acquire a 10% stake in South Korea's leading car maker, Hyundai Motor Co., for $428 million, both sides said today. The deal was aimed at strengthening Hyundai's strategy to become a global player by ranking among the top five auto makers by 2010. The tie-up also boosted chances of a joint bid to be submitted by the two firms to buy debt-ridden Daewoo Motor Co. in an international auction due today.
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