Suzuki Motor Corp. bought back 17 percent of its own shares for 226.8 billion yen from what was its top shareholder, General Motors Corp., Suzuki officials said Tuesday.
The buyback, totaling 92.36 million shares, came after the world's largest automaker notified the manufacturer of cars and motorcycles that it planned to slash its stake in Suzuki to 3 percent from 20 percent as part of its restructuring efforts.
Suzuki will hold the shares for a year without selling or retiring them, and plans to let GM repurchase them if it wants to, the company said.
The sale will make GM the seventh-biggest shareholder in Suzuki, but the ailing U.S. auto giant said it will maintain a business alliance with Suzuki to develop environmentally friendly technologies, including hybrid vehicles and fuel cells, the company said.