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WASHINGTON (AP) — In the world of new stock offerings, everything about next week is big: The number of deals, the amount of money expected to be raised and the profiles of the companies going public — and now the world's most populous nation may be getting into the mix.
While there are at least 10 companies lining up to sell new stock to the public next week, automaker General Motors Co. is the star of the show with its plan to sell about $10 billion in stock on Nov. 18. According to a Wall Street Journal report, SAIC Motor Corp., China's biggest automaker and GM joint-venture partner, may make a $500 million investment in the Detroit company. State-owned SAIC, or Shanghai Automotive Industry Corp., is one of several foreign investors who could buy GM shares as part of an initial public stock offering, the Journal said.
GM and SAIC wouldn't comment on the report when contacted by The Associated Press.
The week's action is likely to draw a wide range of investors into the U.S. stock market. If investors snap up stock of companies such as General Motors Co. and casino operator Caesars Entertainment Corp., that could win over skittish traders who have taken refuge in the relative safety of bonds.
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