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SAIC seeks GM IPO stake of $500 mln-$1 bln -source

Published 11/12/2010, 05:03 PM
Updated 11/12/2010, 05:04 PM

NEW YORK, Nov 12 (Reuters) - China's SAIC Motor Corp <600104.SS> is finalizing plans to invest $500 million to just over $1 billion in General Motors Co's [GM.UL] upcoming initial public offering, a source familiar with the matter said.

SAIC has expressed interest in taking a larger stake of more than $1 billion if certain conditions are met, the source said. SAIC is seeking GM's support for plans that would eventually allow China-developed vehicles to be sold under one of GM's brands in the United States, the source said.

The talks over the size of the stake are expected to wrap up this weekend, several sources said on Friday. (Reporting by Soyoung Kim. Editing by Robert MacMillan)

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