GM enters agreement to raise stake in Wuling

General Motors said it has entered into an agreement to raise its stake in SAIC GM Wuling Automobile, a microvan joint venture it owns with SAIC Motor (600104.SH), the Wall Street Journal reported. GM would buy an additional 10% stake in Wuling for US$51 million, bringing its total holding to 44%, subject to regulatory approval. SAIC’s stake would remain at 50%, while Wuling Group’s share would fall to 6%. GM has been in discussions to raise its stake in the Liuzhou joint venture since 2008 as it plans to integrate Wuling more fully into its global operations. Wuling is the maker of the Sunshine microvan, China’s best-selling vehicle.