GM: Sale cut China stake but gave its partner clout

摘要

General Motors Co.'s sale of 1 percent of its previously 50-50 Chinese joint venture to its partner struck some observers as a shortsighted move to raise a little cash. But Kevin Wale, president of GM China Group, said it was an attempt to give its partner more clout in China. The sale, announced in December, gave China's SAIC Motor Corp. a 51 percent majority stake in the joint venture with GM, which netted $85 million on the deal.