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Doc: GM Paid $119 Million for 1% Stake in China Joint Venture

Doc: GM Paid $119 Million for 1% Stake in China Joint Venture

(Reuters) – General Motors Co paid $119 million in September to buy back a 1 percent stake in its joint venture with its top Chinese partner SAIC Motor Corp , 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.

Read the rest of the story at Reuters.com.

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