GM to Reduce Isuzu Stake: General Motors...
From Times Staff and Wire Reports
GM to Reduce Isuzu Stake: General Motors Corp., Isuzu Motors Ltd.’s largest shareholder, will sell about 5% of its stake, or 20 million shares, next week, an Isuzu spokesman said. The shares, to be sold Wednesday, will go to 16 Japanese insurers. A GM spokesman in Detroit said the company estimates that it will net about $82 million after taxes from the sale. GM is expected to use the funds for its sales incentives programs, auto industry sources said. After the sale, GM’s stake in Isuzu will fall to 38% from 40.2%, but the company will remain Isuzu’s biggest shareholder.
