GM to Sell Stake in Suzuki to Raise Cash

By: Associated Press Email
By: Associated Press Email

Tokyo (AP) Suzuki Motor Corp. says General Motors Corp. will sell its stake in the Japanese automaker for 22.37 billion yen, or $230 million, to raise cash.

Suzuki said Monday it would buy back the entire 3.02-percent stake from GM.

GM, Ford and Chrysler are seeking $25 billion from the U.S. government to get them through the economic crisis and the worst sales slump in more than 25 years.

The GM-Suzuki partnership dates back to 1981. But those ties have loosened recently after GM sold 17 percent of Suzuki in 2006, leaving it with a 3 percent stake.

They look for home sales and housing starts to hit bottom by the middle part of next year.

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