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F: Ford Ends Bid for Daewoo Motor


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said it will not make a final bid for South Korea's

Daewoo Motor

. 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.

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General Motors

(GM) - Get Report

, 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.

wrote about the

buyback yesterday.