Shanghai Automotive Industry Corporation (SAIC) Group, the parent of SAIC Motor Corporation (600104.SH), denied Monday that it was preparing to take over General Motors (GM.NY), the Shanghai Securities News reported. GM declined to comment. Speculation has been growing that SAIC was the most likely Chinese carmaker to seek to acquire GM, whose share price has been tumbling, as it is one of the top three industry players in China and has a strategic partnership with GM. “The plummeting share price [of GM] does not necessarily mean the company is affordable to us,” said a SAIC official. “A greater concern is redundancy fees for North American laborers.” GM Shanghai general manager Ding Lei said the US government would not allow its giant carmaker to be sold to a foreigner since it would affect many upstream and downstream industries.