GM to discuss buying stake in South Korean unit from KDB: GM executive
SEOUL (Reuters) - General Motors Co (GM.N) plans to have talks to buy a stake in its South Korean unit from the unit's second-biggest shareholder, Korea Development Bank(KDB), the head of GM Korea said on Thursday.
GM owns close to 77 percent of GM Korea but Korea Development Bank's 17 percent holding gives the state-run bank the right to veto decisions made by the automaker.
Tim Lee, head of international operations at GM, made an "informal offer" last week, an official at state-run KDB said.
"We have agreed during our meeting that we will progress with this discussion on a confidential basis," GM Korea President and CEO Sergio Rocha told reporters, confirming the meeting.
(Reporting by Hyunjoo Jin; Editing by Muralikumar Anantharaman)
- Qualcomm Inc promoted Chief Operating Officer Steve Mollenkopf to chief executive in a surprise move that follows investor pressure on the phone chipmaker to return capital and speculation that he might be poached to run Microsoft.
WASHINGTON - U.S. small business sentiment bounced back from a seven-month low in November, with owners setting their sights on creating more jobs and expanding operations.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.