 |
What Romney must tell conservatives
Mitt Romney's next chance to try to persuade conservatives he's one of them comes today at the Conservative Political Action Conference, or CPAC. But given that Romney hasn't won over conservatives after years on the national stage, it may be too late. Video
GM to sell stake in Suzuki to raise cash
U.S. flags flutter in the wind in front of the General Motors Corp headquarters in Detroit, Michigan November 7, 2008.
Credit: Reuters/Rebecca Cook
TOKYO |
TOKYO (Reuters) - General Motors Corp (GM.N) will sell back its 3 percent stake in Suzuki Motor Corp (7269.T) for $232 million as the struggling U.S. automaker seeks to raise cash.
Suzuki said it would pay 1,363 yen per share -- the price at which its shares closed on Monday -- to buy back the 3.02 percent stake.
The two firms plan to continue to cooperate in emerging markets and in developing new auto technology, Suzuki said in a statement.
"We understand full well that GM faces a need to sell its shareholdings to secure funding," Suzuki said in a release.
GM previously sold a 17 percent stake in Suzuki in March 2006.
(Reporting by Mayumi Negishi)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Follow Reuters