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Talks On Rebalancing Stakes
By Vivian Jin |
September 22, 2011, Thursday
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Print Edition
Print Edition
GENERAL Motors is in talks with SAIC Motor to buy back a 1 percent stake in joint venture Shanghai GM, Kevin Wale, president and managing director of GM China, said yesterday.
SAIC gained a controlling interest in Shanghai GM two years ago when GM sold it a 1 percent stake for US$84.5 million amid its bankruptcy restructuring.
Media reports have said GM and SAIC Motor are setting up a sales company for Shanghai GM that will be majority owned by SAIC. Accounting regulations then allow SAIC to include Shanghai GM's revenue on its balance sheet even if the venture reverts to a 50-50 ownership.
SAIC gained a controlling interest in Shanghai GM two years ago when GM sold it a 1 percent stake for US$84.5 million amid its bankruptcy restructuring.
Media reports have said GM and SAIC Motor are setting up a sales company for Shanghai GM that will be majority owned by SAIC. Accounting regulations then allow SAIC to include Shanghai GM's revenue on its balance sheet even if the venture reverts to a 50-50 ownership.
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