General Motors plans to buy back $ 3.2 billion trust preferred unionPublished: 1900-1-1 January 1,1900 Views: 19
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Sina Finance, Beijing time on September 23 evening news General Motors Corp. announced Monday that the price per share will be $ 27 from Union Trust (United Auto Workers retirement health insurance benefit trust, VEBA) buy back $ 3.2 billion preferred shares.
The repurchase program will depend on the end of a senior secured notes issued in the case of the bill, including 5, 10, and 30 years three kinds of deadlines.
General Motors plans to buy back 120 million preferred shares held by VEBA trust for the union for 46% of U.S. price $ 27. Transaction is completed, VEBA still holds 140 million shares of preferred stock, the Canadian government holds another 16%, while the U(http://www.best-news.us/).S(Finance News http://www.best-news.us/). Treasury hold another 101 million shares.
General Motors will be included in the third quarter this repurchase $ 800 million of one-time expenses. (Ante
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