General Motors (GM) is a US carmaker that was the world’s biggest, although Toyota is challenging it for the title. It was hard hit by the global financial crisis, needing a government bailout, but emerged from chapter 11 reorganisation in 2009, and held an initial public offering in 2010. It returned to profit in 2011.

GM ended the second quarter with almost US$35 billion in total automotive liquidity, including more than US$24 billion in cash and marketable securities. Photo: Reuters

GM to buy back some preferred shares from UAW trust for US$3.2b

General Motors said on Monday it would buy back just under half of its preferred shares held by the United Auto Workers healthcare trust for about US$3.2 billion, essentially cutting company costs by financing the deal with lower-cost debt.

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