TOKYO : November 17, 2008 - General Motors Corp will sell back its 3 percent stake in Suzuki Motor Corp for $232 million as the struggling U.S. automaker seeks to raise cash.
Suzuki said it would pay 1,363 yen per share the price at which its shares closed on Monday -- to buy back the 3.02 percent stake.
The two firms plan to continue to cooperate in emerging markets and in developing new auto technology, Suzuki said in a statement.
"We understand full well that GM faces a need to sell its shareholdings to secure funding," Suzuki said in a release.
GM previously sold a 17 percent stake in Suzuki in March 2006.
[Source : REUTERS]
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