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news

Christopher Bruce2013-09-23 19:33:17

GM Purchasing Back $3.2 Billion in Stock from VEBA

It reduced VEBA share in GM roughly by half.

 
 
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VEBA is currently negotiating with Chrysler to sell its share in the company

General MotorsGMGMUnited States of America, 1998 > present8 models
240 photos
will purchase 120 million shares of its own stock from VEBA, the United Auto Workers Retiree Medical Benefits Trust for $3.2 billion, $27 per share on September 30. To raise money to pay for the shares, GM will offer bonds in the company in five, 10 and 30 year durations.

VEBA will still hold 140 million shares of GM stock after the sale.

GM is actually a good deal for the shares, which opened on the US stock market at $37.15 per share and are trading for $37.11 per share as of this writing.

VEBA is preparing for an initial public offering from ChryslerChryslerChryslerUnited States of America, 1925 > present70 models
875 photos
1 video
that will put the company on the public market. FiatFiatFiatItaly, 1899 > present159 models
4916 photos
35 videos
is hoping that the IPO will result in a price for Chrysler less than what VEBA wants to sell its roughly 45% share in Chrysler for. Then, Fiat could by VEBA's share for a cheaper price. 

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