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Unless such an eventuality would create a national security risk the U.S. government is legally not supposed to, and most likely wont, prevent foreign entities from buying however much of GM they see fit. The Obama administration may be talking tough about limiting outside investment, but the reality is that it would be extremely difficult to manage in a situation like this even if they actually intend to carry through with such a strategy, and I am far from convinced.
To be honest I hadn't thought of this before, but if the initial price per share is as low as I expect it to be it isn't at all unthinkable that the the Chinese could end up owning a huge share of GM.
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