Reuters logo
GM to discuss buying stake in South Korean unit from KDB: GM executive
October 25, 2012 / 3:51 AM / in 5 years

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.

A GM logo is seen on a Hydrogen car during a presentation in Berlin, August 28, 2009. REUTERS/Pawel Kopczynski

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

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below