GM to rebuy shares, gets ratings boost

Sep 24, 2013 | 06:20 PM | Corinna Petry

Tags  General Motors, share repurchase, Moody's Investors Service, credit ratings improved, Bruce Clark, Canada GEN Investment, United Auto Workers, Retiree Medical Benefits Trust Corinna Petry

CHICAGO — General Motors Co. (GM) has agreed to repurchase 120 million shares of Series A preferred stock from the United Auto Workers union’s Retiree Medical Benefits Trust for about $3.2 billion, or $27 per share.

The trust holds 260 million shares of Series A preferred stock and Canada GEN Investment Corp. holds 16 million shares.....

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