Suzuki CEO Sees Long-term Relationship with GM
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[01/25/2007] TOKYO, Jan 25, 2006; Reuters reported that the head of Japan's Suzuki Motor Corp. said he had agreed with his counterpart at former parent General Motors Corp. to maintain their current relationship with a longer-term view.
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TOKYO, Jan 25, 2006; Reuters reported that the head of Japan's Suzuki Motor Corp. said he had agreed with his counterpart at former parent General Motors Corp. to maintain their current relationship with a longer-term view.
Suzuki had bought back all but 3 percentage points of the 20 percent stake that GM had held in it to help the cash-strapped U.S. auto maker last March, and the two had agreed at the time to leave an option for GM to buy back the shares for up to a year.
"We agreed to maintain the current relationship with a long-term, strategic view," Suzuki Chief Executive Osamu Suzuki told a news conference, adding that he had met with GM CEO Rick Wagoner last November in Japan.
"It's not realistic to expect a company's finances to improve like magic after only a year," he added.
Suzuki had bought back all but 3 percentage points of the 20 percent stake that GM had held in it to help the cash-strapped U.S. auto maker last March, and the two had agreed at the time to leave an option for GM to buy back the shares for up to a year.
"We agreed to maintain the current relationship with a long-term, strategic view," Suzuki Chief Executive Osamu Suzuki told a news conference, adding that he had met with GM CEO Rick Wagoner last November in Japan.
"It's not realistic to expect a company's finances to improve like magic after only a year," he added.
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