GM Puts $2.32 Billion of Stock Toward Funding Pensions
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General Motors Co. contributed 60.6 million shares, valued at $2.32 billion at yesterday’s closing price, to U.S. pension plans that the automaker wants fully funded as soon as 2013.
The 40.4 million shares contributed to the plan for hourly workers and 20.2 million shares for salaried pensions completes a $6 billion contribution that the company announced in October, the Detroit-based automaker said today in a statement.