 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
GM to cede venture control to China's SAIC: report
New York (AFP) Dec 3, 2009 US auto giant General Motors has reached a deal to hand control of its joint venture with China's SAIC Motor Corp to the Shanghai-based car maker, the New York Times said Thursday. SAIC said Thursday its shares had been suspended from trading pending an announcement on a "major assets restructuring." The company's board of directors were to meet next Wednesday to discuss the planned restructuring, SAIC said in a statement to the Shanghai Stock Exchange. A SAIC spokeswoman told AFP trading was suspended for a "share transfer." According to the Times, the troubled GM will sell SAIC 1.0 percent of its stake in their joint venture which would then give China's largest car maker a 51 percent share of the company. In return, GM will keep equal voting rights with SAIC and reserve the right to buy back the 1.0 percent stake at a later stage. There was no immediate comment from General Motors on the report, and it was not known how much the sale would raise for the US giant which is undergoing a major restructuring. But one person close to GM told the Times: "It's a big deal, it's a good deal." Auto expert Michael Dunne told the daily the move would impact on GM's influence in the huge Chinese car market. "Dropping below the 50-50 partnership is huge. There may be a way to preserve voting rights, but symbolically, it is a step down," Dunne said. SAIC shares, which closed down 0.04 percent at 25.53 yuan (3.8 dollars) on Wednesday, will resume trading after the plan is announced, SAIC said, without elaborating. Share This Article With Planet Earth
Related Links Car Technology at SpaceMart.com
Green cars to get Copenhagen boostWashington (AFP) Dec 2, 2009 American drivers fond of their gas guzzlers will have to quickly learn to love greener cars, which are expected to get a big boost from upcoming international climate talks in Copenhagen. The aim of the December 7-18 global conference is reducing environmentally-damaging greenhouse gases, and key to that goal, industry officials said, is reducing emissions from carbon-belching automobiles. ... read more |
|
|
| The content herein, unless otherwise known to be public domain, are Copyright 1995-2009 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement |
del.icio.us
Digg
Reddit
YahooMyWeb
Google
Facebook