General Motors Corp., seeking a federal bailout as its cash dwindles, will raise 22.4 billion yen ($230 million) by selling its 3 percent stake in Suzuki Motor Corp. The Hamamatsu, Japan-based company will use cash to buy back its own shares tomorrow at 1,363 yen a share, it said in a statement today.
``We are responding to GM's need to let go of its stake to raise funds,'' said Suzuki Chairman Osamu Suzuki in the statement. ``This will not have an impact on our management policy.
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