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Saudi Arabia's billionaire Prince Alwaleed bin Talal & General Motors Co

Saudi Arabia's billionaire Prince Alwaleed bin Talal & General Motors Co
Saudi Arabia's billionaire Prince Alwaleed bin Talal said Tuesday he purchased a $500 million stake in General Motors Co., equal to roughly 1% of the company, in the latest disclosure of foreign investments in the auto maker. Prince Alwaleed Bin Talal was among foreign buyers in GM's IPO. Prince Alwaleed, long the Middle East's wealthiest businessman, is among foreign investors that bought a chunk of GM through the company's initial public offering last week. About 10% of the shares sold in the company's IPO went to investors outside North America, GM said. In a statement, Prince Alwaleed's Kingdom Holding Co. said the decision to invest was based on "the global strength of the General Motors brand, the relatively attractive offering price, and the company's growth prospects in Brazil and China."

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