Cash-strapped General Motors Corp. said on Nov. 17 it had sold its 3% stake in mini-car specialist Suzuki Motor Corp. for about $230 million. The two partners said they would continue with ongoing joint projects such as developing hybrid and fuel cell technologies.
"We highly value our strategic relationship with Suzuki," GM chief executive Rick Wagoner said. "This action will have no impact on our existing bilateral business relationships." Suzuki said it would buy back on the market the same amount of shares that GM sold.
General Motors used to be the biggest shareholder in Suzuki Motor with a stake of more than 20%, but it sold most of the shares in 2006.
Copyright Agence France-Presse, 2008