General Motors Sells Majority Stake in Suzuki Motors
|Topics: General Motors, Suzuki
March 10, 2006
Japan's Suzuki Motor Corporation bought back a 17-percent stake from General Motors.
General Motors, the world's largest automaker, sold the stake as part of a restructuring plan and will receive about $2 billion from the sale.
The two companies said they will continue their close 25-year relationship and work together to create environmentally friendly cars.
Suzuki's chief executive officer, Osamu Suzuki, talked about General Motors' problems at a recent press conference. "We understand that G.M. needs to raise capital, but I really did not know G.M. was in trouble to this extent," said Suzuki. "They are in very deep trouble."
General Motors lost $8.6 billion last year and saw its market share fall.
This article is an excerpt from an Asian business report by the same name.
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