Friday, Jul 29, 2016
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Automotive

GM ups stake to 50% in Chinese automaker

DETROIT — General Motors Co., the largest U.S. automaker, said it paid $119 million to China’s Shanghai Automotive Industry Corp. for a 1 percent stake in a joint venture with the company, taking its overall share of the business to 50 percent.

GM Chief Financial Officer Dan Ammann said the Chinese government had approved the deal. The purchase price and the completion of the deal in September were disclosed Friday in an annual regulatory filing.

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