Committed to PEOPLE'S RIGHT TO KNOW
Vol. 5 Num 630 Tue. March 07, 2006  
   
Business


GM to sell almost entire stake in Suzuki


Suzuki Motor said Monday that ailing US auto giant General Motors had decided to slash its stake in the Japanese affiliate from 20 percent to three percent but continue with a strategic alliance.

Suzuki plans to spend about 230 billion yen (1.97 billion dollars) to buy back on the market as much as possible of the 17 percent stake being offloaded by GM, the Japanese group said in a statement.

GM said in a news release on its website that it expected to raise cash of about two billion dollars from the share sale and record a pre-tax gain of 550-750 million dollars.