General Motors has reached an agreement to sell its entire 7.9% stake in Japanese truck maker Isuzu Motors, as part of its efforts to drum up 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 firm.
Mitsubishi and Itochu said separately that each would pay $135m for 40 million Isuzu shares. Isuzu said the other 10 million shares that GM holds would be sold to Mizuho Corporate Bank for an undisclosed sum.
GM, the world's largest car maker, is unwinding its capital ties with Japanese car makers to raise much-needed cash. Earlier this month GM slashed its stake in Japan's Suzuki Motor to just 3% from 20%. In October it sold its entire 20.1% stake in Fuji Heavy, the maker of Subaru vehicles.
