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GM in talks with China's SAIC to raise cash: sources
2009-02-11
DETROIT (Reuters) - General Motors Corp (GM.N) has been in talks with China's SAIC Motor Corp (600104.SS) about the possible sale of a share of GM's stake in their joint venture or other assets as the U.S. automaker races to raise cash, two sources familiar with the discussions said. GM approached SAIC in recent weeks with an offer to sell some of its stake in their 50-50 joint-venture that builds and markets Buick, Cadillac and Chevrolet models in China, according to the sources. The sources declined to be identified because they were not authorized to discuss the preliminary contacts between the two companies. Such a deal would make GM a minority partner at its decade-old flagship venture in China, Shanghai General Motors Ltd., considered to be one of the remaining crown jewels in its global operations. GM and SAIC had no comment. Shanghai Automotive Industry Group is the parent company of SAIC Motor, a listed unit that holds all of the vehicle assembly assets of the group.
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