SAIC seeks GM IPO stake of $500 mln-$1 bln -source

NEW YORK, Nov 12 (BestGrowthStock) – China’s SAIC Motor Corp
(600104.SS: ) is finalizing plans to invest $500 million to just
over $1 billion in General Motors Co’s [GM.UL] upcoming initial
public offering, a source familiar with the matter said.

SAIC has expressed interest in taking a larger stake of
more than $1 billion if certain conditions are met, the source
said. SAIC is seeking GM’s support for plans that would
eventually allow China-developed vehicles to be sold under one
of GM’s brands in the United States, the source said.

The talks over the size of the stake are expected to wrap
up this weekend, several sources said on Friday.
(Reporting by Soyoung Kim. Editing by Robert MacMillan)

SAIC seeks GM IPO stake of $500 mln-$1 bln -source