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General Motors buys remainder of Swedish automaker

Monday, Jan. 10, 2000 | 11:39 a.m.

DETROIT -- General Motors Corp. continued its international shopping spree today, picking up the 50 percent of Swedish luxury automaker Saab Automobile AB that it does not already own.

The deal, terms of which were not disclosed, was the latest GM has made with foreign automakers as it shores up positions in overseas markets. Last year, GM bought 20 percent of Subaru, agreed to buy engines from Honda Motor Co. and began negotiations to buy struggling Korean automaker Daewoo.

GM bought a 50 percent stake and management control of Saab in December 1989 for $600 million and a $100 million investment in Saab's operations. Since then, Saab has lost money every year except 1994 and 1995, though it's on target to break even in 1999.

Saab and GM have been sharing engineering and vehicle parts over the past several years, and Saab is part of GM's exhibit at the North American International Auto Show.

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