Wednesday, April 13, 2011

PRChina to Purchase Government Motors

Well, this is interesting.

According to Motor Trend, the following press release at the Shanghai Auto Show;
"Shanghai Automotive Industry Corporation (SAIC) and General Motors (NYSE: GM) are announcing today that an agreement has been reached with the governments of the United States and Canada that will allow SAIC to purchase the shares of GM owned by the respective governments. The sale is expected to be completed by this time next year pending approval from U.S., Canadian and Chinese government regulators."
In other words, the Chi-Coms are poised to grab up the 26% of GM that's owned by the Federal Government, and the 9% owned by the Canadian Feds.

Wonder how the UAW will like its new bosses.....

HT: Caveman


steveegg said...

Look at the date of the original Motor Trend blog post (hint; it was posted 13 days ago).

Also note the incorrect ownership percentages attributed to the Treasury and the Canadians.

Dad29 said...


Motor Trend would do that?

steveegg said...

It's a tradition. Usually it's Car and Driver that does the most-outrageous April Fool's joke, but since they got rid of Brock Yates and Csaba Csere, they've become milquetoast.

Disgruntled Car Salesman said...

Goodbye, GM.

Anonymous said...

Damn. I was hoping for a Chicom made van to cruise Blue neighborhoods and grab Blue Bloggers, pants them, and ravish them.


neomom said...

The percentages are different - but this is from WSJ November 2010

Dad29 said...

So OK.

Motor Trend was off by 34% or so; PRC will only get 1%.

Except they already own Saginaw Steering Gear and Delco Brakes.

AND some 'sovereign wealth funds' (translate: foreign countries) will be asked to buy another ~33% of GM.

So Steve: whassa diff?

Anonymous said...

Typical fact finding boondoggle courtesy dad29.