General Motors Corp will sell back its 3% stake in Suzuki Motor Corp for $232 million as the struggling US automaker seeks to raise cash.
Suzuki said it would pay 1,363 yen per share -- the price at which its shares closed on Monday -- to buy back the 3.02% stake. The two firms plan to continue to cooperate in emerging markets and in developing new auto technology, Suzuki said in a statement. “We understand full well that GM faces a need to sell its shareholdings to secure funding,” Suzuki said in a release. GM previously sold a 17% stake in Suzuki in March 2006. (Reuters)