said it will not make a final bid for South Korea's
. The deal was expected to be completed at the end of this month.
Ford's vice chairman, Wayne Booker, said in a statement that a proposal that would be in the interest of both companies and their shareholders wouldn't be possible.
The debt-laden Daewoo is being sold by creditors as part of the breakup of its parent company.
, which made an earlier bid for Daewoo, said it was still interested in making a deal.
Meanwhile, Ford announced that it will buy back $5 billion of common and Class B stock in an effort to boost its value. The carmaker's shares have lost more than 10% of their value since the Firestone tire recall.
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