Suzuki Motor to buy back shares from General Motors
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Mon, 17 Nov 2008 11:09:39 GMT |
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Tokyo - Suzuki Motor Corp has agreed to buy back its 3.02-per-cent stake from the US auto giant General Motors Corp (GM), the Japanese automaker said Monday. Suzuki was expected to buy back 16.41 million shares, which are worth 22.37 billion yen (230.7 million dollars), from GM unit Controladora General Motors SA de CV through non-cross trading at the Tokyo Stock Exchange during morning trading Tuesday. The purchase will be made at 1,363 yen per share, the company said. The two automakers would continue joint projects such as development of hybrid cars, fuel cells and power trains. GM incurred a net loss of 2.54 billion dollars in the July-September quarter due to financial turmoil. Suzuki and GM have been cooperating under tie-up arrangements they signed in 1981.
Copyright DPA
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