General Motors is declining to comment on reports circulating that Chinese partner SAIC is to take a 1% stake in the US automaker.
Speculation has mounted in the US that SAIC – with whom GM has a tie-up in China – could take up to a US$500m stake in the American manufacturer which recently announced a US$13bn IPO in a bid to start repaying its US$50bn taxpayer bailout.
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“It is a quiet period and we are not commenting on anything,” a GM spokeswoman told just-auto today (15 November).
US media are reporting sources noting China’s administration would have to approve any potential SAIC stake before this Wednesday (17 November) with talks apparently taking place between American and Chinese officials last week.
GM has previously said the estimated price range for the offering of common stock is US$26 to US$29 per share.
SAIC was not immediately available for comment.
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