China's SAIC buys nearly 1 percent stake in GM

(Reuters) - General Motors

China's leading automaker SAIC Motor Corp confirmed Thursday it had agreed to buy a stake in General Motors, as the US auto giant prepared for one of the largest stock offerings in history.SAIC said its wholly owned unit SAIC Motor HK Investment Ltd had acquired 15.2 million ordinary shares for 500 million dollars, accounting for just under one percent of GM's total equity.The unit paid 33 dollars per share and would raise all the capital from the Hong Kong financial market, SAIC said in the statement.

US auto giant General Motors and China's Shanghai Automotive Industry Corp signed a deal Wednesday that will see them work together on producing new engine and transmission technology.Hu Maoyuan, chairman of SAIC Motor, China's leading automaker by sales, called the deal a milestone that would see the two companies share key intellectual property and help SAIC move up the industry's value chain.

SHANGHAI (Reuters) - General Motors Co's new China chief downplayed concerns over the health of its relationship with Chinese partner SAIC Motor Corp, insisting they are growing closer as they look to use their business model in Southeast Asia to tap demand for no-frills cars. Bob Socia - GM's chief since October 1 in the world's biggest car market - said SAIC's low-cost vehicle technology was important to the American's firm's push into emerging markets. ...

SHANGHAI (Reuters) - General Motors Co's new China chief downplayed concerns over the health of its relationship with Chinese partner SAIC Motor Corp, insisting they are growing closer as they look to use their business model in Southeast Asia to tap demand for no-frills cars.