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23/11/2010 00:00 AST
Saudi billionaire Prince Alwaleed Bin Talal and his Kingdom Holding Co. bought $500 million of General Motors Co. shares through the automaker’s initial public offering.
The 1 percent stake in Detroit-based GM was acquired because of “the global strength of General Motors brand, the relatively attractive offering price, and the company’s growth prospects in Brazil and China,” the Riyadh, Saudi Arabia-based company said today in an e-mailed statement.
GM’s owners, including the U.S. Treasury, sold shares at $33 each in an initial public offering on Nov. 17. The automaker had filed with the Securities and Exchange Commission on Nov. 3 to offer the shares for $26 to $29 each. The company raised more than $20 billion in common and preferred shares through the IPO, which reduced the U.S. government to a minority shareholder.
Kuwait Investment Authority, the country’s sovereign wealth fund, decided against buying GM shares after the sale price was raised, a person familiar with the matter said Nov. 21.
Noreen Pratscher, a spokeswoman for GM, said she couldn’t immediately comment.
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