General Motors Co. is looking to acquire a 10 percent stake in Japan’s Isuzu Motors Ltd. so the two companies could partner on development of commercial vehicles for global markets, Bloomberg reported.
If a deal is reached, the companies would work together on vehicles for Southeast Asia and Central and South American markets, Bloomberg said, citing a report that first appeared in a Japanese newspaper.
“While we do not comment on rumor and speculation, we routinely speak with other OEMs on a range of issues,” GM spokesman Greg Martin said in an e- mail regarding the rumor. Isuzu public relations representatives were not aware of any discussions, Bloomberg said.
If reached, the deal would once again give GM an ownership stake in Isuzu. GM held 49% of Isuzu as recently as 1999, but that stake steadily dwindled and in 2006 GM sold off its final 7.9% share of the company. Over the years, the two companies have worked together on everything from development of diesel engines to commercial trucks and passenger cars.
Mitsubishi Corp. currently owns 9.2% of Isuzu, while Toyota Motor Corp. holds a 5.9% stake, Bloomberg said.