Thursday, November 11, 2010

China's SAIC Motor to Be GM IPO Investor

After the US taxpayers were made to pay to "save" GM and "save US auto jobs" (which by the way Prez Obama admitted would be gone forever), US Government Motors is likely to sell equity to its Chinese-government-owned partner, SAIC Motor Corp, in the upcoming IPO.

Reuters reports:

Nov 10 (Reuters) - General Motors Co [GM.UL] is in the final stage of talks to sell equity to long-time Chinese partner SAIC Motor Corp (600104.SS) in conjunction with its landmark initial public offering, two people familiar with the matter said.

The two government-funded automakers are currently finalizing how much of a stake SAIC would buy in the top U.S. automaker after discussions involving technology sharing and SAIC's ambitions to move beyond the China market, the sources said.

On the side note, guess who's been suddenly popping up in the financial news media: ex-Car Czar and Wall Street hedge fund manager Steven Rattner. Mr. Rat is back, to shine the light upon his fine leadership in turning around GM on the eve of the IPO, no doubt.

Chutzpah. These people cannot help themselves.


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