Financially troubled General Motors will sell well over 16 million shares in Suzuki on the open market- or about 3 percent of the Japanese automakers total issued common stock.
The deal would raise about $230 million for GM, though the American company says they will continue implementation and expansion of business relationships with Suzuki based on a mutual agreement.
GM's partial ownership of Suzuki dates back to 1981, and has since varied from 3.5 percent to just over 20 percent. Most recently, GM sold a 17 percent stake in Suzuki back in 2006.
"We highly value our strategic relationship with Suzuki," said Rick Wagoner, GM chairman and chief executive officer. "Despite the sale of our remaining Suzuki shares, this action will have no impact on our existing bilateral business relationships. We look forward to continue building on our success to date with our long-term partner."
The two automakers will continue cooperating on existing projects like hybrids, fuel cells and joint vehicle production at their CAMI manufacturing venture.
photo:GM, Suzuki
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The deal would raise about $230 million for GM, though the American company says they will continue implementation and expansion of business relationships with Suzuki based on a mutual agreement.
GM's partial ownership of Suzuki dates back to 1981, and has since varied from 3.5 percent to just over 20 percent. Most recently, GM sold a 17 percent stake in Suzuki back in 2006.
"We highly value our strategic relationship with Suzuki," said Rick Wagoner, GM chairman and chief executive officer. "Despite the sale of our remaining Suzuki shares, this action will have no impact on our existing bilateral business relationships. We look forward to continue building on our success to date with our long-term partner."
The two automakers will continue cooperating on existing projects like hybrids, fuel cells and joint vehicle production at their CAMI manufacturing venture.
photo:GM, Suzuki