GM paid $119 million for 1 percent stake in China joint venture: filing
(Reuters) - General Motors Co (GM.N) paid $119 million in September to buy back a 1 percent stake in its joint venture with its top Chinese partner SAIC Motor Corp (600104.SS), 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.
(Reporting By Ben Klayman in Detroit; Editing by Gerald E. McCormick)
- A top Federal Reserve official who is sometimes seen as a bellwether for U.S. monetary policy on Monday offered his voice to a growing contingent at the central bank that has argued for reducing the Fed's bond buying at a meeting next week.
SAN FRANCISCO - At Pinterest, the four-year-old online bulletin board service that is valued near $3.8 billion, some 70 percent of the users are female. But the company's board of directors is 100 percent male. | Video
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.