Report: China's SAIC Motors will buy shares of GM IPO
 

<p>Filed under: <a href="http://www.autoblog.com/category/china/" rel="tag">China</a>, <a href="http://www.autoblog.com/category/gm/" rel="tag">GM</a>, <a href="http://www.autoblog.com/category/earnings-financials/" rel="tag">Earnings/Financials</a></p><a href="http://www.tradingmarkets.com/news/stock-alert/gm_saic-motor-plans-to-buy-shares-in-gm-ipo-1289587.html"><img vspace="4" hspace="0" border="1" alt="SAIC President Chen Hong and GM Vice Chairman of Product Operations Thomas Stevens" src="http://www.blogcdn.com/www.autoblog.com/media/2010/11/saic.jpg" /></a><br />
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While <a href="http://www.autoblog.com/make/gm">General Motors</a> may be jetting around the globe in an attempt to woo investors, one company has made it clear it wants to snap up plenty of GM stock once The General goes public. Chinese manufacturer <a href="http://www.autoblog.com/tag/saic">SAIC Motor</a> President Chen Hong is currently in the States to negotiate with the American automaker about procuring GM shares. His company currently packs around $5.7 billion in cash or cash equivalents, so SAIC Motor shouldn't have any problem laying its hands on more than few GM shares.<br />
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SAIC has a history of working closely with GM in the past. The two companies have joined forces on everything from powertrain development to full name plates. If anyone knows the ins and outs of working with the biggest of the big three, it's these guys.<br />
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GM has announced that the company will go public once again on November 18 and plans to raise $10.6 billion in the process. Look for shares to go for anywhere between $26 and $29. GM will also offer $3 billion in preferred stock at the same time. Exactly how much of that goes to SAIC Motor remains to be seen.<br />
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[Source: <a href="http://www.tradingmarkets.com/news/stock-alert/gm_saic-motor-plans-to-buy-shares-in-gm-ipo-1289587.html">Trading Markets</a> via <a href="http://www.thetruthaboutcars.com/2010/11/saic-will-buy-into-gm/">TTAC</a> | Image: Phillippe Lopez/AFP/Getty Images ]<p style="padding:5px;backgr ound:#ddd;border:1px solid #ccc;clear:both;"><a href="http://www.autoblog.com/2010/11/08/report-chinas-saic-motors-will-buy-shares-of-gm-ipo/">Report: China's SAIC Motors will buy shares of GM IPO</a> originally appeared on <a href="http://www.autoblog.com">Autoblo g</a> on Mon, 08 Nov 2010 15:58:00 EST. Please see our <a href="http://www.weblogsinc.com/feed-terms/">terms for use of feeds</a>.</p><h6 style="clear: both; padding: 8px 0 0 0; height: 2px; font-size: 1px; border: 0; margin: 0; padding: 0;"></h6><a href="http://www.autoblog.com/2010/11/08/report-chinas-saic-motors-will-buy-shares-of-gm-ipo/" rel="bookmark" title="Permanent link to this entry">Permalink</a>&nbsp;|&nbsp;<a href="http://www.autoblog.com/forward/19707444/" title="Send this entry to a friend via email">Email this</a>&nbsp;|&nbsp;<a href="http://www.autoblog.com/2010/11/08/report-chinas-saic-motors-will-buy-shares-of-gm-ipo/#comments" title="View reader comments on this entry">Comments</a>

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