In a letter to GM Chief Executive Rick Wagoner, Tracinda Corp., the investment arm for billionaire investor Kirk Kerkorian, suggested the automaker form a committee to "immediately and fully explore" the possibility of a partnership under which Nissan and Renault would buy a "significant minority interest" in GM.

Kirk Kerkorian, GM's largest single shareholder, owns about 10 percent of GM. His representative, Jerry York, sits on GM's board and the automaker since January has followed a number of his suggestions for a faster turnaround, including executive pay cuts and a reduced dividend.

GM shares rose 9 percent to $29.90 on the New York Stock Exchange after trading higher before the bell.

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