General Motors ( GM ) Sells Stake in Suzuki 11/17/08

General Motors ( GM ), in an effort to raise cash, is going to sells their stake in Suzuki car company.

Suzuki Motor Corp. said Monday ( November 17th, 2008 ) that General Motors Corp. (GM) will sell its entire stake in the Japanese automaker in a bid to raise funds.

GM will sell 16.413 million Suzuki shares, or 3.2% of Suzuki shares outstanding, on the market Tuesday. Suzuki will buy back the same amount via the Tokyo Stock Exchange's ToSTNeT 2 off-hours trading system Tuesday morning for Y22.37 billion, for Y1,363 per share - the closing share price Monday.

GM's stake in the Japanese company fell to the current 3% after it sold a 17% stake in 2006 to raise cash for restructuring.

General Motors ( GM ) stock is trading up 8% on this news in pre market, to $3.26 per share.

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