The Traderszone Network

Published in TZ Latest News 20 February, 2015 by The TZ Newswire Staff

Exclusive: UAW president calls GM share buyback proposal premature

United Auto Workers President Dennis Williams, whose union indirectly controls the largest single block of General Motors Co (GM.N) shares, told Reuters an investor group’s proposal that GM buy back $8 billion of its stock is premature, and the amount too high for the company’s long-term health. An investment firm controlled by Harry Wilson, a former member of the U.S. government task force that restructured GM through bankruptcy in 2009, together with four other hedge funds, is urging it to return part of its roughly $25 billion cash trove to shareholders.

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