-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, I5BiKswwuvt+jDNWq1K16b3eyCWAU1+UQ+rgNKxEXb5IBshOmks7Jl/Y87IHkd7S /u1ubldwLLGc8M6wwKJCuA== 0000040730-06-000013.txt : 20060306 0000040730-06-000013.hdr.sgml : 20060306 20060306092602 ACCESSION NUMBER: 0000040730-06-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20060306 ITEM INFORMATION: Other Events FILED AS OF DATE: 20060306 DATE AS OF CHANGE: 20060306 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL MOTORS CORP CENTRAL INDEX KEY: 0000040730 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 380572515 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00043 FILM NUMBER: 06665972 BUSINESS ADDRESS: STREET 1: 300 RENAISSANCE CTR STREET 2: MAIL CODE: 482-C34-D71 CITY: DETROIT STATE: MI ZIP: 48265-3000 BUSINESS PHONE: 3135565000 MAIL ADDRESS: STREET 1: 300 RENAISSANCE CTR STREET 2: MAIL CODE: 482-C34-D71 CITY: DETROIT STATE: MI ZIP: 48265-3000 8-K 1 suzukisale030606.txt GM ANNOUNCES 17.4 PERCENT SALE OF SUZUKI UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549-1004 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) March 6, 2006 GENERAL MOTORS CORPORATION -------------------------- (Exact Name of Registrant as Specified in its Charter) STATE OF DELAWARE 1-143 38-0572515 ----------------- ----- ---------- (State or other jurisdiction of (Commission (I.R.S. Employer Incorporation or Organization) File Number) Identification No.) 300 Renaissance Center, Detroit, Michigan 48265-3000 ----------------------------------------- ---------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (313) 556-5000 -------------- ================================================================================ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 8.01. OTHER EVENTS On March 6, 2006, General Motors (GM) announced the sale of 17.4 percent of equity stake in Suzuki Motor Corporation. Their press release is below. General Motors to Sell 17.4 Percent Equity Stake in Suzuki Will retain 3 percent, continue strategic alliance DETROIT - General Motors Corp. (NYSE: GM) today announced it would reduce its equity stake in Suzuki Motor Corp. from 20.4 percent to 3.0 percent, by selling 92.36 million shares. The strategic alliance between GM and Suzuki will continue. GM plans to sell these Suzuki shares, representing 17.4 percent of the shares outstanding, through the Suzuki open-market buyback program and through market sales if necessary. GM currently holds a total of 108.66 million Suzuki shares, which had a closing price of JPY 2500 per share on March 3 on the Tokyo Stock Exchange. Based on this market value, GM expects to realize cash proceeds of approximately U.S. $2 billion from the sale of 92.36 million Suzuki shares, which will enhance the strength of GM's balance sheet and liquidity position. "GM has a great deal of respect and admiration for Suzuki based on our long and productive history of working together," said Rick Wagoner, GM chairman and CEO. "Our relationship is strong, and we look forward to our continued partnership. This transaction will allow us to preserve our business relationship, while further building up GM's already significant liquidity position during this critical phase of our turnaround." GM has held an equity stake in Suzuki since 1981, when it purchased approximately 5.3 percent of the Suzuki shares outstanding. GM's stake was diluted to 3.5 percent in subsequent years, but in 1998 GM increased its holding in Suzuki to 10 percent, and to slightly over 20 percent in 2001. During this time, the companies have been involved in various joint projects in product development, advanced technology, global purchasing and supply chain management, and product distribution. Specific projects including collaboration in fuel cell and hybrid systems development, joint operation of CAMI Automotive, Inc. in Canada, the manufacture of a new medium-size SUV at the joint venture facility, and the cross-supply of OEM vehicles will continue. In addition, GM and Suzuki plan to work together on a proposed new automatic transmission program. The sale by GM of a 17 percent equity stake in Suzuki, including cash proceeds received and any potential gain on sale, will be recorded in the first quarter. Based on current market value, GM expects a pre-tax gain on the sale in the range of US $550-$750 million. The tax rate on the Suzuki transaction is expected to exceed statutory rates largely as a result of certain tax credits that the transaction will eliminate. General Motors Corp. (NYSE: GM), the world's largest automaker, has been the global industry sales leader for 75 years. Founded in 1908, GM today employs about 327,000 people around the world. With global headquarters in Detroit, GM manufactures its cars and trucks in 33 countries. In 2005, more than 9 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM operates one of the world's leading finance companies, GMAC Financial Services, which offers automotive, residential and commercial financing and insurance. More information on GM can be found at www.gm.co. # # # SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GENERAL MOTORS CORPORATION -------------------------- (Registrant) Date: March 6, 2006 By: /s/PETER R. BIBLE --- ----------------- (Peter R. Bible, Chief Accounting Officer) -----END PRIVACY-ENHANCED MESSAGE-----