SAIC says to form 51-49 pct sales company with GM

Newswire

BEIJING, Oct 28 (Reuters) - Top Chinese automaker SAIC Motor Corp said it plans to set up a 51-49 percent auto sales company with its long-time partner General Motors . The move is a sign that the two sides are close to a deal which will allow GM to buy back the 1 percent stake in its 49-51 flagship Shanghai car venture with SAIC, industry observers say. Shanghai GM, which makes Buick, Chevrolet and Cadillac models, had previously been a 50-50 partnership. In a deal the two sides ...

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