This morning, General Motors (NYSE:GM) announced it would buy back 120 million shares of the 9% preferred stock held by the union trust fund in a deal with about $3.2 billion. The transaction would be funded by a debt offering scheduled to happen before the end of September. After GM purchased the 120 million shares, the trust will still own 140 million shares of the preferred stock. In early trading, shares of GM were lower with the markets, trading just below $37 per share.
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