Feb 15 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.