GM sells back Suzuki share in urgent funds bid

General Motors has sold its 3% stake in Suzuki back to the Japanese car maker. The $230m (£156m) deal comes amid concerns that the company will run out of cash next year.

Suzuki has agreed to buy back the stake as part of GM’s urgent requirement to secure funding. It previously owned 20% of Suzuki, but has already sold back a 17% stake in the company in 2006.

Last week, GM reported a third quarter operating loss of $4.2bn (£2.66bn) and warned that it will run out of cash in the first half of 2009 if economic and market conditions do not improve.

In the US, the top three car firms – Chrysler, Ford and GM – are seeking $25bn (£16.8bn) of federal aid.

Suzuki says the two companies will continue to cooperate in a number of joint projects, including developing new technologies. Their partnership started in 1981.

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