Saudi prince became co-owner of GM

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Logo of General Motors Corporation. Source: 20...


Saudi prince became co-owner of GM
Saudi billionaire, a member of the royal family Prince Al-Waleed Bin Talal (Alwaleed bin Talal) in the initial public offering (IPO) of General Motors bought a one percent stake in U.S. automaker. This package of securities cost him $ 500 million.
The same package – 15,2 million ordinary shares of GM (or one percent) – for the same amount in the IPO acquired Chinese automaker SAIC. This company, like Al-Waleed Bin Talal, has paid $ 33for each share of GM. Previously to buy securities of U.S. companies plan and Kuwait Investment Authority, but this idea was abandoned after it increased shareholder value.

A total IPO brought concern General Motors more than $ 20 billion, and the U.S. government has significantly reduced its stake in the automakers, was rescued after the sale of shares of the company 13.6 billion dollars. As previously reported, the success of the IPO will allow GM once again expect to receive a large bank loans.

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