Life & Style | Motoring

GM to sell stake in Suzuki to raise cash

Cash-strapped General Motors Corp. will sell its entire stake in Suzuki Motor Corp. for 22.37 billion yen ($230 million), the automaker's latest move to stay afloat while awaiting a decision on government aid for the industry.

  • AP
  • Published: 19:11 November 17, 2008
  • Gulf News

Tokyo: Cash-strapped General Motors Corp. will sell its entire stake in Suzuki Motor Corp. for 22.37 billion yen ($230 million), the automaker's latest move to stay afloat while awaiting a decision on government aid for the industry.

Suzuki said on Monday it would buy back the 3.02 per cent stake from the American auto giant, which is seeking a $25 billion government lifeline, together with Ford Motor Co. and Chrysler LLC, to weather the deepening economic crisis.

Hit by the worst sales slump in more than 25 years and frozen credit, GM has warned that it might not survive through year's end without the US government's financial support.

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