LONDON - Concerns over the future of the U.S. Federal Reserve's monetary stimulus and weak Chinese factory data sent shares sharply lower and safe haven currencies like the yen higher on Thursday.
LONDON - From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change strategy.
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.
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)
- Tweet this
- Share this
- Digg this