My Way News - China's SAIC buys nearly 1 percent stake in GM:
"SHANGHAI (AP) - General Motors Co. (GM)'s main joint venture partner in China, SAIC Motor Corp., says it has bought a nearly 1 percent stake in the American automaker through its initial public offering.
SAIC, which is owned by the Shanghai city government, said Thursday it paid $33 a share for about 0.97 percent of GM at a total cost of nearly $500 million.
GM's stock offer is worth potentially $23 billion and will end the U.S. government's role as a majority shareholder after the automaker entered bankruptcy protection in June 2009.
The long-standing partnership between GM and SAIC - GM could not sell cars in China without a local partner - includes the U.S. automaker's flagship China joint venture, one of 10 ranging from research and design to manufacturing and finance.
The companies said the share purchase is meant to enhance their cooperation in the world's biggest auto market.
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