GM rolls the big dice

General Motors executives would do well to keep the aspirin bottle handy as they try to integrate Daewoo into GM's worldwide production and distribution network.

Daewoo is flat broke and hopelessly in debt, although GM will inherit only a fraction of those obligations. In Korea, GM must deal with a union whose militancy makes the UAW look like a bunch of flower girls. Daewoo's product lineup needs a shot in the arm, and its U.S. operation has serious financial problems.

But $400 million is a relatively small ante for two assembly plants plus entry into the Korean market.

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