General Motors has reduced its stake in Suzuki Motor Corporation from 20.4-percent to just 3.0-percent, all but severing 25-year-old ties with the Japanese automaker.
The cash freed up by selling 92.36 million shares (about 17.4-percent of Suzuki’s outstanding stock) should give the General pre-tax profits on the order of $650 million, critical cash for the company’s capital-intensive turnaround efforts.
[Source: Bloomberg]
(Thanks to everyone for the tips!)
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