GM sells Suzuki stake
Author: Robin Brown
Published: 17 November 2008
GM has sold its three per cent stake - 16.4m shares - in Suzuki for around $230m as the beleaguered car-maker attempts to shore up its cash deposits.
GM has owned part of the Japanese manufacturer since 1981, and the businesses will continue promoting and implementing existing project and on entries in new emerging markets.
Suzuki has announced its intention to buy up a similar amount of shares.
Osamu Suzuki, Chairman and CEO, Suzuki Motor Corporation, commented: “Suzuki and GM have been constantly exchanging frank opinions on various topics as business partners. As GM taking this particular step to sell the shares it owns as a step toward strengthening its balance sheet is very understandable, we wanted to support GM’s decision.
"We confirmed each other in a conference call with Wagoner-san and me that all individual initiatives will be pursued as they are today. There will be no impact on Suzuki’s current business plan.”
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