GM paid $119 mln for 1 pct stake in China joint venture -filing
Feb 15 (Reuters) - General Motors Co paid $119 million in September to buy back a 1 percent stake in its joint venture with its top Chinese partner SAIC Motor Corp , which it had given up ahead of its 2009 bankruptcy.
The deal pushed GM's ownership in Shanghai GM back to 50 percent, the U.S. automaker disclosed in a filing with the U.S. Securities and Exchange Commission on Friday. However, SAIC retains a 51 percent share in the sales side of the business.
In the run-up to its 2009 bankruptcy filing, GM sold the 1 percent share to SAIC for $85 million.
On Thursday, GM Chief Financial officer Dan Ammann told reporters that the Detroit company had completed the repurchase of the 1 percent stake in Shanghai GM and the Chinese government approved the purchase last year.