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Sources: GM in talks with SAIC to raise cash

(Agencies)
Updated: 2009-02-12 18:46

General Motors Corp has held talks with China's SAIC Motor Corp about the possible sale of a share of GM's stake in their joint venture or other assets as the US automaker races to raise cash, two sources familiar with the discussions said.

GM approached SAIC Motor in recent weeks with an offer to sell some of its stake in their 50-50 joint-venture that builds and markets Buick, Cadillac and Chevrolet models in China, according to the sources.

This file photo shows a Buick Excelle car produced by Shanghai GM at Shanghai International Auto Show, Apr 22, 2003. General Motors Corp has held talks with China's SAIC Motor Corp about the possible sale of a share of GM's stake, sources said. [Asianewsphoto]

The sources declined to be identified because they were not authorized to discuss the preliminary contacts between the two companies.

Such a deal would make GM a minority partner at its decade-old flagship venture in China, Shanghai General Motors Ltd, considered to be one of the remaining crown jewels in its global operations.

The discussions between GM and SAIC Motor are playing out against the backdrop of a push by GM to secure deep concessions from its bondholders and major union to show it can be made viable under the terms of a $13.4 billion US government bailout.

GM faces a deadline of next Tuesday to submit a new restructuring plan to the US government detailing the progress it has made in cutting costs and shoring up its balance sheet.

GM and SAIC Motor had no comment.

Shanghai Automotive Industry Group is the parent company of SAIC Motor, a listed unit that holds all the vehicle assembly assets of the group.

"It is feasible that GM could cut its stake in Shanghai GM to help raise money it needs now," said analyst John Zeng with IHS Global Insight.

"GM could manage to buy back the shares later if it can stave off bankruptcy, as China is one of its few bright spots in the world, if not the only one."

Although car sales growth in China, GM's second-largest market, has virtually ground to a halt after years of double-digit growth, analysts said figures for January suggested improving demand, especially for domestically made small cars.

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