And you were all hot and bothered by the idea of Uncle Sam owning General Motors. From the Wall Street Journal:
China’s biggest auto maker is close to finalizing a plan to buy a stake in General Motors Co., which is preparing for an initial public offering next week, according to people familiar with the discussions.
SAIC Motor Corp., which has built cars with GM in China since the 1990s, is among foreign entities who will become part-owners of GM when the auto maker returns to the public markets, these people said. A final decision could come within the next couple of days.
Separately, sovereign wealth funds in the Middle East and Asia are on track to buy more than $1 billion worth of shares, these people said. Such funds are attractive investors to GM and its bankers because they tend to hold investments for longer, providing stability for the company.
The issue of foreign investors buying GM shares in the company’s IPO is a sensitive one for the U.S. government, which will reduce its 61% stake in the auto maker in the IPO. Treasury also is worried about the political reaction if non-U.S. investors, such as sovereign-wealth funds or a Chinese company, are allowed to acquire a significant stake in GM after U.S. taxpayers spent $50 billion to assist the company through bankruptcy reorganization.