Register | Login
 
 
In The News...

The General Motors logo is seen outside its headquarters at the Renaissance Center in Detroit, Michigan in this file photograph taken August 25, 2009. REUTERS/Jeff Kowalsky/Files

GM paid $119 million for 1 percent stake in China joint venture: filing
GM paid $119 million for 1 percent stake in China joint venture: filing
Posted : Friday, 15 February 2013 01:37PM

(Reuters) - General Motors Co <GM.N> paid $119 million in September to buy back a 1 percent stake in its joint venture with its top Chinese partner SAIC Motor Corp <600104.SS>, which it had given up ahead of its 2009 bankruptcy.

The deal pushed GM's ownership in Shanghai GM back to 50 percent, the U.S. automaker disclosed in a filing with the U.S. Securities and Exchange Commission on Friday. However, SAIC retains a 51 percent share in the sales side of the business.

In the run-up to its 2009 bankruptcy filing, GM sold the 1 percent share to SAIC for $85 million.

On Thursday, GM Chief Financial officer Dan Ammann told reporters that the Detroit company had completed the repurchase of the 1 percent stake in Shanghai GM and the Chinese government approved the purchase last year.

(Reporting By Ben Klayman in Detroit; Editing by Gerald E. McCormick)

(c) Copyright Thomson Reuters 2013. Check for restrictions at: http://about.reuters.com/fulllegal.asp