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GM buys back 1% stake in SAIC joint venture

From People's Daily OnlineFebruary 21, 2013

People's Daily Online - General Motors Co, which runs 12 joint ventures in China, said it has repurchased a 1 percent stake in its joint venture with Chinese partner SAIC Motor Corp Ltd, which it had sold before its 2009 bankruptcy filing. The move will bring GM's ownership of Shanghai General Motors Co Ltd back to 50 percent, according to a filing with the US Securities and Exchange Commission on Friday. GM paid $119 million for the 1 percent stake, exceeding its share of the 1 percent interest in SGM's net assets by $82 million, which comprises the plant, property, equipment and intangible assets, the filing showed. In February 2010, GM sold the 1 percent stake to SAIC for $85 million.

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