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[{"type":"text","content":"\n \n \n General Motors to Sell Equity Stake in Isuzu Motors Ltd. \n \n Will maintain strong strategic alliance \n \n DETROIT, April 11 -- General Motors Corp. (NYSE: GM) today announced it \nwould sell its 7.9 percent equity stake in Isuzu Motors Ltd. The commercial \npartnership between GM and Isuzu will continue. \n The Isuzu shares held by GM will be sold to Isuzu's strategic business \npartners and major shareholders, Mitsubishi Corp., Itochu Corp. and Mizuho \nCorporate Bank. \n GM currently holds a total of 90.09 million Isuzu shares. Based on a \nselling price of JPY 397 per share, GM expects to realize cash proceeds of \nabout USD $300 million, which will be used to support the North American \nturnaround plan, finance future growth initiatives, strengthen the balance \nsheet and fund other corporate priorities. \n \"GM's 35-year relationship with Isuzu has been strong, and we look forward \nto our continued partnership,\" said Rick Wagoner, GM chairman and chief \nexecutive officer. \"We will maintain our strategic relationships with Isuzu \nin the many different areas of cooperation we have established over the years. \nAt the same time, GM will take another step to enhance our liquidity \nposition.\" \n GM has held an equity stake in Isuzu since 1971, when it purchased \napproximately 34 percent of the Isuzu shares outstanding. Between 1971 and \n1998, GM increased its stake to 49 percent from 34 percent. In 2002 as part \nof the Isuzu restructuring, GM cancelled shares related to its 49 percent \nstake and invested fresh capital of $500 million primarily for the purchase of \ncertain strategic commercial assets and for a new equity stake of 12 percent \nin Isuzu. Between 2002 and 2005 GM's stake in Isuzu was diluted from 12 \npercent to the current 7.9 percent, due to conversion of Isuzu's convertible \nbonds. \n Over the last 35 years, the companies have been involved in various joint \nprojects in product development, advanced technology, global purchasing and \nsupply chain management, and product distribution. Among the successful \ncollaborations that will continue are the following: \n * Midsize pickup truck assembly and distribution in Asia Pacific, Latin \n America, Africa, and the Middle East \n * Development and manufacturing of diesel engines for passenger cars in \n Europe \n * Development and manufactur...