GM to sell majority control of its China venture to SAIC

General Motors Co. is expected to enter a deal for Chinese partner SAIC to acquire majority control of its China venture and get as much as half of its India operations, according to sources who claim to be familiar with the negotiations.

As a result of the deals, GM will receive an infusion of cash that it requires to restructure itself in two of the world’s fastest-growing markets. It’s anticipated that the deal would have GM selling 1% of its 50-50 China joint venture to SAIC Motor Corp., China’s biggest automaker, according to a Reuters report that cited two sources who remain unnamed.
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Agent63 - 12/7/2009 1:08:23 PM

+1 Boost

*Yawn* not exciting

bmwdrvr - 12/7/2009 1:35:29 PM

+2 Boost

For some reason this sounds like a deal, they will regret in the future.

delan - 12/7/2009 10:09:01 PM

+1 Boost

True. No one seems to have foresight these days.