Shanghai Automotive Industry Corp.'s board has approved selling back to General Motors Co. (GM) 1 percent stake in their joint venture for $91.4 million, according to several media reports. Shanghai Automotive bought the stake from General Motors in 2009 for $85 million.
The agreement still requires Chinese government approval.
The two companies said in April they were close to a deal, where the joint company, Shanghai General Motors would first be split into two: sales arm and operational arm.
Both companies would hold equal stakes in the operations arm, while Shanghai Automotive Industry retains a 51 percent majority in the sales arm.
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