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Old 11-17-2008, 08:37 AM   #1
Hazdaz
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Default GM to sell 3% Suzuki stake for $232 million

http://www.marketwatch.com/news/story/gm-sell-3-suzuki-stake/story.aspx?guid={A81BE283-A227-4B24-92B4-F7D021CF09AE}&siteid=yahoomy

GM to sell 3% Suzuki stake for $232 million



Quote:
Suzuki will pay 1,363 yen ($14.04) per share, the same level its shares closed at Monday in Tokyo, to buy back the stake, according to wire reports, which cited a company statement Monday.


The transaction will take place ahead of the opening of regular trading in Tokyo Tuesday.


Suzuki will finance the acquisition from its cash reserves, the Nikkei newspaper reported Tuesday, citing a company statement.


Suzuki chairman Osamu Suzuki said in a statement Monday the Japanese automaker and General Motors will continue to collaborate on projects currently underway.
Shares in Suzuki finished 1.2% higher in Tokyo Monday
To put these numbers into perspective
... Cerberus bought 80% of Chrysler for $7.4 Billion, making all of Chrysler worth about $9 Billion at the time
... and Suzuki bought 3% of themselves back from GM making them worth almost $8 Billion right now... not that far behind the (formerly) much, much larger Chrysler.

That's just pretty damn pathetic if you ask me.
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Old 11-17-2008, 09:24 AM   #2
SQ3.0dotJP
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wtf good did suzuki get from GM anyway. aside of GM selling re-badged kei cars in japan.... wtf was in this deal for suzuki anyway? good on them for getting the F out, or partially anyway
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Old 11-17-2008, 10:15 AM   #3
Hazdaz
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Quote:
Originally Posted by SQ3.0dotJP View Post
wtf good did suzuki get from GM anyway. aside of GM selling re-badged kei cars in japan.... wtf was in this deal for suzuki anyway? good on them for getting the F out, or partially anyway
It probably wasn't some one-sided relationship like it might seem.
I am sure that Suzuki got a piece of GM's Asian dealings (especially with GM's Korean division) and access to US markets was probably easier since it was partially owned by GM too.

I am sure that they will still work closely with each other if they need to, but right now GM needs the money so even though $230 M will probably only buy GM a couple of days, it's still better than nothing.
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Old 11-17-2008, 01:03 PM   #4
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So what impact will this have on Suzuki's US operations?
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Old 11-17-2008, 02:44 PM   #5
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Default GM/Suzuki plant to lay off 600 workers in Ontario

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Ingersoll, Ontario - CAMI Automotive, a joint venture of General Motors and Suzuki, has announced that it intends to lay off 600 workers at its facility in Ingersoll, Ontario as North American auto sales continue to decline. The company said that it has stopped production of the Suzuki XL7 until existing inventory is sold. It also intends to eliminate the plant’s second shift in 2009.


The Canadian Auto Workers Union (CAW) said it is currently in talks with the company to determine whether the job cuts will result in a mass layoff, or if a program of rotating layoffs can be established to keep workers employed, but at a reduced work schedule. The plant currently employs 1,700 people and produces the Chevrolet Equinox and Pontiac Torrent in addition to the XL7.


“Our main objective is to ensure all of our members are protected during this economic downturn,” said Mike Van Boekel, CAMI plant chairperson. He said that should the union and company reach an agreement, workers will be given the opportunity to vote on a program of rotational layoffs on November 23, 2008.
http://www.canadiandriver.com/thenew...in-ontario.htm
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Old 11-17-2008, 04:51 PM   #6
bal00
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Quote:
Originally Posted by Hazdaz View Post
To put these numbers into perspective
... Cerberus bought 80% of Chrysler for $7.4 Billion, making all of Chrysler worth about $9 Billion at the time
... and Suzuki bought 3% of themselves back from GM making them worth almost $8 Billion right now... not that far behind the (formerly) much, much larger Chrysler.
The situation is even dimmer right now. Daimler has valued its 20% share in Chrysler at $0 in their latest filings, and GM is worth less than $2B. Which means those $232M they got for 3% of Suzuki would actually buy you 12% of GM.
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Old 11-17-2008, 04:58 PM   #7
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Didn't Suzuki just release a truck based on the NISSAN Frontier?
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Old 11-17-2008, 04:59 PM   #8
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Quote:
Originally Posted by bal00 View Post
The situation is even dimmer right now. Daimler has valued its 20% share in Chrysler at $0 in their latest filings, and GM is worth less than $2B. Which means those $232M they got for 3% of Suzuki would actually buy you 12% of GM.

Wow. That is... not a lot...
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Old 11-17-2008, 05:01 PM   #9
Hazdaz
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Quote:
Originally Posted by bal00 View Post
The situation is even dimmer right now. Daimler has valued its 20% share in Chrysler at $0 in their latest filings, and GM is worth less than $2B. Which means those $232M they got for 3% of Suzuki would actually buy you 12% of GM.

Oh, I knew the situation was much worse now, but didn't feel like making myself ill by looking up how little Chrysler was even worth today.
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Old 11-18-2008, 11:59 AM   #10
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Good for GM, less money out of my pocket.
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