General Motors considering investment from SAIC

General Motors (GM.NYSE) has begun courting potential foreign investors, including Chinese joint-venture partner SAIC Motor (600104.SH), in anticipation of a new initial public offering planned for November, AP reported. The carmaker, in which the US government has a 61% stake after a $50 billion bailout in 2009, has announced that while it is primarily seeking North American investors for the offering, it is also looking to attract international capital. SAIC is rumored to have expressed interest in taking a stake in GM. Although GM has already paid back US$6.7 billion of the bailout funds borrowed from the US government, the US Treasury Department is hoping to recover most of the remaining $43 billion still owed by GM after the automaker lists.