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.
KKCO firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKCO 11News.powered by Disqus
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.