GM says Opel sale will provide $2 billion for share buybacks

Markets Reuters

(Copyright Reuters 2017)

General Motors Co said the sale of its European Opel and Vauxhall operations will free $2 billion to accelerate planned share repurchases.

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GM previously authorized a total of $14 billion in share repurchases and has $8 billion remaining under that plan, Chief Financial Officer Chuck Stevens told analysts and investors during a conference call on Monday. GM can accelerate those buybacks, in part because it will reduce its target minimum cash balance to $18 billion from $20 billion currently.

(Reporting by Joe White; Editing by Lisa Von Ahn)