Suzuki Motor Corp. said on Tuesday it bought back 91.09 million, or 16.8%, of its own shares previously held by General Motors in the open market for $1.93 billion (227 billion yen).

The Japanese carmaker had said a day earlier it would buy the shares back at $21.13 (2,490 yen) apiece through the Tokyo bourse`s after-hours ToSTNet system before trading began on Tuesday.

The result accounts for most of the 92.36 million shares that GM let go. That left GM with 3.7% of Suzuki`s shares carrying voting rights, making it the Japanese company`s sixth-biggest shareholder, Suzuki said.

Suzuki said on Monday, March 6, that it would hold onto the shares for at least a year to leave open the possibility of a repurchase by its restructuring U.S. partner, which needs the cash to repair its balance sheet.

Shares in Suzuki were up 2.41% at $21.64 (2,550 yen) in early afternoon trade, outperforming a rise in most other auto stocks and a drop in the broader Tokyo market.
sections: World News