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Nov 17, 2010

GM boosts IPO size to reduce government stake

NEW YORK/DETROIT (Reuters) – General Motors Co GM.UL raised the common stock portion of its initial public offering by 31 percent on Wednesday following a surge of investor interest, putting the deal on track to raise as much as $22.7 billion.

The announcement by the top U.S. automaker comes a day after it raised the price range for the IPO and increased the preferred shares on offer by a third to $4 billion.

Nov 15, 2010

SAIC agrees to take GM stake in IPO: sources

DETROIT/NEW YORK (Reuters) – China’s SAIC Motor Corp Ltd (600104.SS: Quote, Profile, Research, Stock Buzz) has agreed to take a stake in General Motors Co GM.UL if Chinese regulators approve a deal to deepen an existing alliance between the two automakers, four people familiar with the matter said.

The potential investment from SAIC is part of a surge in investor interest in GM that is expected to push the pricing of its shares to $29 or above in the U.S. automaker’s initial public offering, one of the sources said.

Nov 14, 2010

SAIC to take GM stake if China approves: sources

DETROIT/NEW YORK (Reuters) – China’s SAIC Motor Corp Ltd (600104.SS: Quote, Profile, Research, Stock Buzz) has reached an agreement in principle to take a stake in General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) if Chinese regulators approve a deal to deepen an existing alliance between the two automakers, three people familiar with the matter said.

The potential investment from SAIC is part of a surge in investor interest in GM that expected to push the pricing of its shares to $29 or above in the U.S. automaker’s initial public offering, one of the sources said.

Nov 11, 2010

Exclusive – 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 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 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.

    • 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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