General Motors Co (GM.N) expects to conclude a deal to bring the automaker's stake in its China joint venture back to 50 percent, Chief Executive Daniel Akerson said on Thursday. GM has told its China partner, SAIC, that it wants to purchase back the 1 percent stake in Shanghai GM that it sold to the Chinese automaker in 2010 for about $85 million, Akerson said on Thursday. "We have the right to the option to purchase back that 1 percent and we've expressed that," Akerson told financial analysts on a conference call after GM reported second-quarter results. Under the terms of its deal with SAIC, which was negotiated in 2009 when GM was looking to raise cash and avoid bankruptcy, GM has an option to buy back the 1 percent stake it sold in Shanghai GM.
General Motors Company (GM) is a global automotive company. Shares of GM fell by 4.86% or $-1.32/share to $25.85. In the past year, the shares have traded as low as $26.13 and as high as $39.48. On average, 13663900 shares of GM exchange hands on a given day and today's volume is recorded at 31777256.
