GM will boost stake in SAIC to 50%

General Motors (GM.NYSE) said it will return to 50% ownership in its joint venture with Shanghai Automotive Industry Corp (SAIC; 600104.SH) by purchasing an additional 1% in the coming months, Bloomberg reported. GM owns 49% percent of the partnership, after transferring 1% to SAIC in 2009. That deal included a call option, which GM is seeking to exercise, said Tim Lee, president of GM’s international operations. “We hope that will be resolved in the coming months,” CEO Dan Akerson told reporters at the Detroit auto show. “I know it’s been to their board.” Shares in GM rose 1.7% to US$23.23. The joint venture between GM and SAIC dates to 1998.