GM sells remaining 3% stake in Suzuki

>> Sunday, January 4, 2009

As a direct response to liquidity concerns, General Motors has sold its remaining 3% stake in Japan's Suzuki, earning roughly $230 million for the parcel of shares on the open Tokyo stock market. Suzuki has responded with an announcement today, claiming it was a mutual agreement to continue the implementation and expansion of the business relationship between the companies. Suzuki and GM have maintained a constructive business relationship that dates back to August 1981. The companies have agreed to be committed to continue promoting and implementing not only its existing projects, including development collaboration on a number of upcoming automotive technologies, but also collaboration on entries in new emerging markets. GM's cash flow struggles have seen the company itself predict that it will run out of cash in the first half of next year, however despite these liquidity problems, its CEO Rick Wagoner has stated that none of its wholly owned car brands, apart from Hummer, was for sale.



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