Suzuki says GM to sell ownership stake
Last Updated: Monday, November 17, 2008 | 7:31 AM ET
The Associated Press
Suzuki Motor Corp. says General Motors Corp. will sell its stake in the Japanese automaker for $230 million US to raise cash.
Suzuki says it would buy back the entire 3.02 per cent stake from GM.
GM, Ford and Chrysler are seeking $25 billion from the U.S. government to get them through the economic crisis and the worst sales slump in more than 25 years.
The GM-Suzuki partnership dates back to 1981.
But those ties have loosened recently after GM sold 17 per cent of Suzuki in 2006, leaving it with a three per cent stake.
© The Canadian Press, 2008
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