As it doesn’t look like GM is going to receive any federal bailout anytime soon, it’s raising some cash to stay afloat by selling all of its stake in Suzuki – 3% or 16.413 million shares to be exact – back to the Japanese company, who will buy back its own shares at 1,363 yen (RM50.40) a share.
GM originally owned 20% of Suzuki but sold 17% back in 2006 in a transaction worth USD$1.96 billion. With this recent sale, it ceases to have any stake in the Japanese automaker. It also sold its 20% stake in Subaru in 2005, and part of that ex-GM stake is now owned by Toyota.
What’s next to go? Saab? Perhaps Buick will go to a Chinese company, since the brand is rather popular in China, doing even better there than in the US. There was also a story about it trying to flog off Hummer to Tata or Mahindra.
Perhaps at the end of the day Proton can buy GM for US$1 :P
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GuyZzz….they do so coZzZ they r expeirncing a GreAt loss…. Dunno wad OBAMa gonna do 2 overcome it !!!!
very critical ah? just wonder… how many people loss their job eh due to this…
paul i think you overestimate GM share price..according to deutsche bank GM shares now worth $0 not $1..hehe
Proton should get the Corvette….it is one of the best sports cars for the money
guys go check this website
http://gmfactsandfiction.com/archives/
1st on 21 oct they said bankruptcy is not in their vocabulary and then on the next post i found its really weird when they lobbying people to save them from bankruptcy…i guess they should change the website gmfactsinfiction.com
seems like that old adage “the bigger you are, the harder you fall” is true after all.
GM is not doing any good now. Just hope Obama can do something on this or the US will have another big ass company bankrupt again.
and someone said GM has a discussion with P1 last time around?
so is it a good thing or bad thing?
good that P1 are safe from GM’s turmoil… but bad becoz we are still stuck at biased automotive policies, cronies, APs and 4th world quality diesel (this probably will be solved if P1 close shop)…
Proton still wants to do business with this manufacturer is it. I don’t want to see the day when Proton has to sell Lotus just to stay afloat. VW merger was the better option.
Quote: “Perhaps at the end of the day Proton can buy GM for US$1.”
Lol as if Proton is not in deep $h!t as they are now. And GM is just too huge for proton to handle.
And to be honest, if GM goes bust. Boy oh boy are we in for the ride. GM employs 265000 directly worldwide. Those ppl would go out of jobs. But further to that, GM also has thousands of suppliers who’s workforce numbers in the millions.
I wouldn’t want to see the fate of so many ppl being handled by a puny little P1. It might be the end of the world before we know it.
proton buy GM ?
hahaha !!!
i wish to see dat wei…
hahaha.
buy for 1 ringgit, then make nothing with it. accumulate debts. boom. history repeats itself.
In retrospact, perhaps we have been too harsh on Proton. Survival in this industry is tough. If the Republicans have their way, (and they may), we will see the end of the US auto industry, because even if they are all for sale, there is no one who can afford or who dare to venture there, in a hostile environment where the unions are the real bosses. The bigger problem is that the troubles will spill over to other parts of the world, as the 3 US giants are also owners of Ford, Mazda, Opel and several others. Already, Opel is asking the German govt and states to bail them out due to problems faced by their US parent company.
I’m sure the others are eyeing this collapse as an opportunity, for them to increase their sale to the US market. The ones to benefit most from this fallout will be Toyota and Honda
to those who say proton is in deep shit are far from the facts. proton are still independent, car sales are up, export market is growing slowly but surely, and they are in the black(lotus is also in the black).. which is a huge contrast to these US automakers. in some ways, its the very fact that proton is small is why i think they will ride through the current world economic problems.
to the guy who said “cronies, APs and 4th world quality diesel (this probably will be solved if P1 close shop)…” how naive of you, as these issues have nothing to do with proton.
“Perhaps at the end of the day Proton can buy GM for US$1”
Hahaha…that’s a funny one but then again, GM is not a company that is ruled or controlled by a bunch of @$$h0le cronies who sold MV Agusta for their own self stinking wanna made themselves a quick millions!!!! Everyone knows lah!! Ptuih…
torque said,
November 18, 2008 @ 12:58 pm
“Perhaps at the end of the day Proton can buy GM for US$1?
Hahaha…that’s a funny one but then again, GM is not a company that is ruled or controlled by a bunch of @$$h0le cronies who sold MV Agusta for their own self stinking wanna made themselves a quick millions!!!! Everyone knows lah!! Ptuih…
—————————————————————
Please read the carefully…’perhaps’…The topic is about GM…hhaaaa.Ptuih…
Duuuuuuuuuuuhhh…
Ooooo…school holiday…no wonder la….
GM is making a mistake by selling the smaller car brands where they should trim their excesses back home..it these brands that will contribute to their income later..
now gm sell opel and saab to me, and also hummer, corvette, camaro, and your company can close shop already