Cars

GM says happy with SAIC's participation in its IPO

(Agencies)
Updated: 2010-11-19 14:18

SHANGHAI - General Motors said on Thursday it was happy with China's SAIC Motor Corp's decision to participate in its public offering.

US companies still want to do business Related readings:  SAIC buys 0.97% stake in GM IPO  GM readies market return after blockbuster IPO  SAIC agrees in principle to take 1% of GM IPO

"SAIC's participation in GM's public offering represents another milestone in our partnership," Tim Lee, president of GM International Operations, said in a brief statement issued by the US carmaker's China unit.

GM pulled off the biggest initial public offering in US history on Wednesday, raising $20.1 billion after pricing shares at the top of an increased range in response to huge investor demand.