@ 01:05 PM (49 months, 18 days ago)
General Motors Corp. today announced the sale of its approximate 20 percent equity stake (about 157 million shares) in Fuji Heavy Industries (FHI). The alliance between GM and FHI will end and GM will refocus its efforts and resources in the Asia Pacific region's high-growth markets and with its other strategic partners. Toyota Motor Corporation will purchase 68 million shares, or approximately 8.7 percent, of FHI shares outstanding, from GM for JPY 520 ($US4.60) per share, or about US$315 million in cash. GM intends to divest its remaining 11.4 percent interest by offering for sale its shares (89 million shares) into FHI's 90 million share open-market buyback program announced earlier today, and through market sales if necessary...
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