GM sells the rest of its Suzuki stock
November 24, 2008
Filed under Features
Suzuki Motor Corp. and General Motors Corp. will continue their working relationship despite GM’s decision to sell its remaining Suzuki stock, the companies announced.
GM sold its remaining 3 percent of Suzuki stock on the Tokyo stock market for about $230 million, the Wall Street Journal reported.
The companies, however, will continue to promote and implement not only existing projects, including collaboration on advanced auto technologies, but also collaboration on entries in new emerging markets.
Suzuki also said the two companies gave “positive consideration on a possibility for GM to repurchase Suzuki shares in the future.”
Earlier this decade, GM owned more than 20 percent of Suzuki. In 2006, GM sold 17 percent of its holding, leaving it with just 3 percent.