China's SAIC buys $500m stake in General Motors (AFP)

China's leading automaker SAIC Motor Corp has agreed in principle to buy a minority stake in General Motors at the US auto giant's initial public offering, state media reported Monday.SAIC, which has two vehicle production joint ventures with GM in China, may buy about one percent of GM for around 500 million dollars, the China Securities Journal reported, citing unnamed sources.SAIC president Chen Hong left for the United states last week to finalise details of the deal, the report said.

(Reuters) - General Motors

By 2010-11-18T10:59:55Z SHANGHAI (AP) -- General Motors Co.'s main joint venture partner in China, SAIC Motor Corp., said Thursday it has bought a nearly 1 percent stake in the American automaker's share offering....

AP - General Motors Co.'s main joint venture partner in China, SAIC Motor Corp., says it has bought a nearly 1 percent stake in the American automaker's share offering.