GM To Take $800 Mln Share-redemption Charge In Fourth Quarter

MarketWatch Pulse

General Motors Co. said late Wednesday it will take an $800 million charge in the fourth quarter following a redemption of Class A shares. GM shares declined 0.1% to $34.88 on moderate volume. GM said it had redeemed all 156.1 million outstanding Series A Preferred shares from the UAW Retiree Medical Benefits Trust and Canada Gen Investment Corp. for a liquidation amount of $3.9 billion including dividends.

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