The report came as the world's two biggest car makers - US-based Ford and rival General Motors Corp (GM) - appeared to be locked in tough competition to take over the bankrupt Korean firm. The Korea Economic Daily quoted Paul Drenkow, who is leading a Ford delegation here, as saying Ford's interest in acquiring Daewoo Motor was no weaker than that of GM. ``We will do a local alliance with a Korean company,'' Drenkow told the daily following talks with officials of the Korea Development Bank (KDB) on Wednesday.

A senior KDB official said Drenkow had asked the bank, a main creditor of Daewoo Motor, to allow Ford to form a joint bid with a South Korean partner to take over Daewoo Motor. Drenkow also expressed Ford's willingness to offer better conditions than General Motors', especially in terms of job security for Daewoo Motor employees and respect for its corporate culture, the KDB official said.pOther news reports here said Hyundai Motor Co was the most likely candidate for the alliance with Ford.