GM sells stake in Japanese truck maker Isuzu

0 Comments | AFP, April, 2006

TOKYO (AFP) — General Motors said it had agreed to sell its 7.9 percent stake in Japanese truck maker Isuzu Motors for about 300 million dollars as it seeks to raise cash in the face of heavy losses.

Japanese trading houses Mitsubishi Corp. and Itochu Corp. as well as Mizuho Corporate Bank -- already Isuzu shareholders -- will buy the stock from GM, which will maintain its business partnership with the Japanese automaker.

For GM the deal would "enhance its liquidity through the sale of its equity shares in Isuzu," Troy Clarke, president of GM Asia Pacific, told a news conference in Tokyo.

"The sale of our Isuzu shares is in line with a number of initiatives that General Motors has taken over the last nine months," Clarke said.

The sale will not...