GM to pay $51 mln to raise stake in Chinese JV

* To buy 10 pct stake from third JV partner Wuling Group

* To pay $51 million for the additional stake

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Nov 12 (BestGrowthStock) – U.S. automaker General Motors Co [GM.UL]
said it was to pay $51 million to buy an additional 10 percent
stake in a Chinese joint venture it owns with SAIC Motor Corp
(600104.SS: ) and Liuzhou Wuling Motors Co Ltd.

GM, which owns 34 percent of SAIC-GM-Wuling Automotive Co
(SGMW), acquire the stake from Wuling which will keep a 6
percent stake. GM said it will provide technical services to
Wuling through 2013.

SAIC owns the other 50 percent of SGMW which produces
mini-commercial vehicles and passenger cars in China.

The deal is subject to regulatory approval in China.

GM said the Chinese market, the fastest-growing global
market by volume of vehicles sold, was important to its global
growth strategy.

The company is set to sell equity to SAIC as part of its
initial public offering, two people familiar with the matter
told Reuters. [ID:nN10234127]
(Reporting by Sakthi Prasad in Bangalore; Editing by Dan Lalor)

GM to pay $51 mln to raise stake in Chinese JV