GM paid $119 million for 1 percent stake in China joint venture: filing

Sat Feb 16, 2013 12:07am IST

The General Motors logo is seen outside its headquarters at the Renaissance Center in Detroit, Michigan in this file photograph taken August 25, 2009. REUTERS/Jeff Kowalsky/Files

The General Motors logo is seen outside its headquarters at the Renaissance Center in Detroit, Michigan in this file photograph taken August 25, 2009.

Credit: Reuters/Jeff Kowalsky/Files

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(Reuters) - General Motors Co (GM.N) paid $119 million in September to buy back a 1 percent stake in its joint venture with its top Chinese partner SAIC Motor Corp (600104.SS), which it had given up ahead of its 2009 bankruptcy.

The deal pushed GM's ownership in Shanghai GM back to 50 percent, the U.S. automaker disclosed in a filing with the U.S. Securities and Exchange Commission on Friday. However, SAIC retains a 51 percent share in the sales side of the business.

In the run-up to its 2009 bankruptcy filing, GM sold the 1 percent share to SAIC for $85 million.

On Thursday, GM Chief Financial officer Dan Ammann told reporters that the Detroit company had completed the repurchase of the 1 percent stake in Shanghai GM and the Chinese government approved the purchase last year.

(Reporting By Ben Klayman in Detroit; Editing by Gerald E. McCormick)

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