GM buys back 1% stake in joint venture
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The move will increase GM's ownership of Shanghai General Motors Co Ltd back to 50 percent, according to a filing with the US Securities and Exchange Commission on Friday.
GM paid $119 million for the 1 percent stake, exceeding its proportionate share of the 1 percent interest in SGM's net assets by $82 million, which comprises the plant, property, equipment and intangible assets, the filing showed.
In February 2010, GM sold the 1 percent stake to SAIC for $85 million.
But GM still retained a 49 percent share in SGM, a sales business unit set up in November 2011 to sell imported Buick, Chevrolet and Cadillac cars and cars made by SGM.
SGM's sales reached an all-time high of 1.33 million units in 2012, up 10.9 percent year-on-year, according to the company's website.
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