SAIC-GM talks to invest about 500 million dollars to buy 1% of its stake

NetEase Finance November 13 news media reported that GM had decided to sell its shares to its Chinese partner, SAIC, which is currently negotiating a GM stake of about $500 million worth. GM will announce the price per share of the issue on November 17 and will be officially traded in New York and Toronto on 18th, with the eventual financing expected to reach $13 billion trillion.　　GM is due to make an initial public offering deal next week, according to several sources familiar with the talks, and Shanghai Auto will then become one of GM's overseas shareholders. It is reported that Shanghai Group vice chairman, Shanghai shares President Chen Hong has flown to the United States a few days ago, both sides may reach an agreement at the earliest possible weekend. SAIC and GM have blocked the news because of the securities laws involved.　　People familiar with the matter said the talks involved a possible investment of about 500 million U.S. dollars in Shanghai motor vehicles and the acquisition of about 1% per cent of GM. In addition, the source also revealed that some sovereign wealth funds in the Middle East and Asia could also acquire more than $1 billion worth of GM shares.