Alwaleed’s Kingdom Buys $500 Million GM Stake in IPO
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Saudi billionaire Prince Alwaleed Bin Talal and his Kingdom Holding Co. bought $500 million of General Motors Co. shares through the automaker’s initial public offering.
The 1 percent stake in Detroit-based GM was acquired because of “the global strength of General Motors brand, the relatively attractive offering price, and the company’s growth prospects in Brazil and China,” the Riyadh, Saudi Arabia-based company said today in an e-mailed statement.