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Nov 11, 2010

SAIC near GM IPO stake buy-sources

DETROIT/NEW YORK, Nov 10 (Reuters) – General Motors Co
[GM.UL] is in the final stage of talks to sell equity to Chinese
partner SAIC Motor Corp (600104.SS: Quote, Profile, Research) as part of its landmark
initial public offering, two people familiar with the matter
said.

The two government-funded automakers are currently
finalizing how much of a stake SAIC would buy in the top U.S.
automaker after discussions involving technology sharing and
SAIC’s ambitions to move beyond the China market, the people
said.

Nov 10, 2010

Exclusive: China’s SAIC near GM IPO stake buy

DETROIT/NEW YORK (Reuters) – General Motors Co GM.UL is in the final stage of talks to sell equity to long-time Chinese partner SAIC Motor Corp Ltd (600104.SS: Quote, Profile, Research, Stock Buzz) in conjunction with its landmark initial public offering, two people familiar with the matter said.

The two government-funded automakers are currently finalizing how much of a stake SAIC would buy in the top U.S. automaker after discussions involving technology sharing and SAIC’s ambitions to move beyond the China market, the people said.

Nov 10, 2010

China’s SAIC near GM IPO stake buy — sources

DETROIT/NEW YORK (Reuters) – General Motors Co [GM.UL] is in the final stage of talks to sell equity to long-time Chinese partner SAIC Motor Corp Ltd (600104.SS: Quote, Profile, Research) in conjunction with its landmark initial public offering, two people familiar with the matter said.

The two government-funded automakers are currently finalizing how much of a stake SAIC would buy in the top U.S. automaker after discussions involving technology sharing and SAIC’s ambitions to move beyond the China market, the people said.

Nov 10, 2010

GM posts $2 billion profit led by North America

DETROIT (Reuters) – General Motors Co GM.UL posted a $2 billion third-quarter profit on Wednesday, driven by an accelerating turnaround in North America as it rushes to complete an initial public offering of stock set for next week.

GM said it expected to post solidly profitable results for 2010, its first full-year profit since 2004. A large part of that profit could be attributed to North America, which formerly had posted deep losses.

Nov 4, 2010

GM now structured to return top profits-executives

DETROIT, Nov 4 (Reuters) – General Motors Co [GM.UL] (GM.N: Quote, Profile, Research, Stock Buzz)
is on track to generate more cash than it did in 1999, its last
boom year, after slashing costs in bankruptcy, the automaker’s
chief financial officer said.

“We previously did not have a competitive cost structure,”
GM Chief Financial Officer Chris Liddell said in a videotaped
presentation for potential investors in the automaker’s initial
public offering of stock.

Oct 28, 2010

GM to repay taxpayers $2.1 bln, prepares for IPO

DETROIT, Oct 28 (Reuters) – In a series of moves that pave
the way for an IPO and strengthen its finances, General Motors
Co [GM.UL] on Thursday said it would repay $2.1 billion to U.S.
taxpayers and make early payments to pension and retiree health
plans.

The announcement comes just days before bankers are
expected to begin a road show for potential investors in an
initial public offering that would allow the U.S. government to
start to reduce its stake in the top U.S. automaker.

Oct 16, 2010

GM workers protest low-wage small-car plant

DETROIT (Reuters) – About 100 General Motors Co workers and retirees picketed outside the United Auto Workers union’s headquarters on Saturday to protest plans to build a new small car with low-wage workers.

The protest came just days after some veteran UAW workers at the Orion plant near Detroit were told they would have to accept wages that are about half what they had been making and as GM rushes to complete preparations for a stock offering.

Oct 15, 2010

GM says IPO pricing not yet set: SEC filing

NEW YORK (Reuters) – General Motors Co GM.UL said on Friday that it had not yet determined a price range for its initial public offering and that it could not say if the IPO would take place in November as widely expected.

The unusual caution came in a filing with the U.S. Securities and Exchange Commission in response to comments this week from Chairman and former Chief Executive Ed Whitacre.

Oct 1, 2010

U.S. auto sales down in September from August

DETROIT (Reuters) – U.S. auto sales slipped in September from August, initial data from major carmakers showed, adding to evidence that the market remains stuck in a slow-motion recovery at the start of the fourth quarter.

Ford Motor Co(F.N: Quote, Profile, Research) was the standout in a still-slack market, posting a sales gain of more than 2 percent in September from the previous month.

Oct 1, 2010

GM posts gain amid still-slow US auto market

DETROIT, Oct 1 (Reuters) – General Motors Co [GM.UL] posted
an annual sales gain of 10.5 percent in September amid evidence
that the U.S. auto market remained stuck in a slow-moving
recovery at the start of the fourth quarter.

GM was the first of the major U.S. automakers to report
sales for the month.

Analysts and industry executives expect auto sales near
11.5 million vehicles on an annualized basis in September,
almost flat from August after adjusting for the typical early
fall slowdown.

    • About Kevin

      "Kevin Krolicki is Reuters bureau chief in Detroit where he has been based since 2006. He has also worked as an editor and reporter in Los Angeles and Tokyo."
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