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GM to Buy Back Shares From UAW Trust for $3.2 Billion
General Motors Co said on Monday it would buy back just under half of its preferred shares held by the United Auto Workers healthcare trust for about $3.2 billion, essentially cutting company costs by financing the deal with lower-cost debt.
To finance the purchase of 120 million of the Series A preferred stock from the UAW Retiree Medical Benefits Trust at $27 a share, GM said it would raise funds with a debt offering.
Reporting by Ben Klayman, REUTERS.