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SAIC Doesn't Rule Out Participation In GM IPO

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percent October 15, 2010 (Chinavestor) SAIC Motor (SHA:600104), China's largest automaker, said it is not ruling out the possibility of participating in the General Motors initial public offering, which is scheduled for later this year. Detroit-based GM and SAIC (SHA:600104) have a long-standing relationship, dating back 13 years, but the U.S. government may be leery about letting a Chinese firm take a stake in one of the largest U.S. automakers.

SAIC Motor (SHA:600104) said last month it might be interested in a "single-digit" stake in GM when offering came to market. The Chinese company said it has been monitoring GM's progress as the company worked to emerge from bankruptcy and says GM's restructuring will be a positive for the U.S. company.

Talks between SAIC (SHA:600104) and GM regarding the Chinese company's participation in the IPO have been called informal. Earlier this week, GM said it expects to price its IPO in the $20-$25 range.

Earlier this week, SAIC (SHA:600104) said it expects its profit for the first nine months of this year to surge 140% due to increased demand in China.



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