Deals
General Motors Sells $500 Million Stake to China Partner SAIC
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General Motors Co. sold a $500 million stake in its initial public offering to Chinese partner SAIC Motor Corp., cementing ties that have helped the American company boost sales in the world’s largest auto market.
SAIC bought the 0.97 percent stake “on the basis of a good strategic partnership between the two” and its “confidence in GM’s development prospects,” the Shanghai-based carmaker said in an e-mailed statement yesterday. The company will raise funds for the investment from Hong Kong financial markets, it said.