GM sells 3 percent stake in Suzuki

Posted by JRC
18 Nov 2008
GM sells 3 percent stake in Suzuki
With GM hard up for cash, this move is hardly surprising. GM is bleeding to the tune of $2.3 billion every month. To help stem that flow, the American giant has sold off its remaining stake in the Japanese manufacturer.

Suzuki bought back the remaining shares for 22.37 billion yen. That amount is equivalent to around US $230 million. But this is a tiny amount compared to their monthly losses.

In 1981, GM purchased a 20 percent stake in Suzuki. In 2006, sold 17 percent of that stake back to Suzuki. But despite their break up, the two companies will continue to collaborate on advanced automotive technologies.

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