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China's SAIC buys into GM


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China's SAIC buys into GM

Christine Tierney / The Detroit News

SAIC Motor Corp. Ltd., said today it has acquired 15.15 million General Motors common shares, representing a 0.97 percent stake, priced at $500 million.

"This investment is made on the basis of the good, strategic partnership between the two parties and their confidence in GM's development prospects," Shanghai-based SAIC said in a statement.

"GM is an important strategic partner of SAIC Group; the good partnership between the two sides for a win-win situation of mutual benefit and mutual trust has been in existence for more than a decade, and the successful cooperation between them in running their joint ventures in China has won market recognition."

GM and Shanghai Automotive Industry Corp., SAIC's parent company, formed their first venture in the 1997. It is one of the leading partnerships in China, where foreign automakers may only make vehicles with a Chinese partner.

From The Detroit News: http://detnews.com/article/20101118/AUTO01/11180439/China’s-SAIC-buys-into-GM#ixzz15e7ni4r5

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China's SAIC explores GM stock option

November 18, 2010 06:01 CET

SHANGHAI (Reuters) -- General Motors Co.'s China partner, state-owned SAIC Motor Corp. is still deciding whether or not to participate in GM's increased initial public offering, the China Securities Journal reported, quoting industry sources.

The Chinese automaker is expected to announce the outcome later on Thursday when GM makes its trading debut in New York and Toronto, the Securities Journal added.

GM pulled off the biggest initial public offering in U.S. history on Wednesday, raising $20.1 billion after pricing shares at the top of the proposed range in response to huge investor demand. GM sold 478 million common shares at $33 each, raising $15.77 billion, as well as $4.35 billion in preferred shares, more than the initially planned $4 billion.

One of the open questions was whether SAIC was able to move beyond a last-minute regulatory hurdle that threatened its plans to take a 1 percent stake in GM.

Read more: http://www.autonews.com/apps/pbcs.dll/article?AID=/20101118/ANE/311189990/1131#ixzz15eP3CmOr

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