GM Buys Remaining 50% Stake in Saab

General Motors Corp. continued its international shopping spree, picking up the 50% of Swedish luxury auto maker Saab Automobile that it does not already own. The deal, terms of which were not disclosed, is the latest GM has made with foreign auto makers as it shores up positions in overseas markets. Last year, GM bought 20% of Subaru, agreed to buy engines from Honda Motor Co. and began negotiations to buy struggling South Korean auto maker Daewoo. GM bought a 50% stake and management control of Saab in December 1989 for $600 million and a $100-million investment in Saab’s operations. Since then, Saab has lost money every year except 1994 and 1995, though it’s on target to break even in 1999. GM’s option to buy the remainder of the company would have expired at the end of the month. GM shares fell 69 cents to close at $75.50 on the New York Stock Exchange.