By Reuters Staff
2 Min Read
(Reuters) - General Motors Co GM.N said on Tuesday that an investor who was a member of the U.S. auto task force that helped the automaker through bankruptcy in 2009 wants to join its board. Harry Wilson, working with four hedge funds including Appaloosa Management, told GM he also intends to propose to shareholders at its June annual meeting that the company buy back $8 billion worth of shares over the next year.
GM’s largest shareholders will determine the fate of Wilson’s plans.
GM’s largest shareholders Pct/GM shares Position (in mlns)
1. Brock Capital Group Llc 8.70 140.15
2. Harris Associates LP 4.78 77.00
3. Canada Development Investment Corp 4.56 73.39
4. The Vanguard Group Inc 4.03 64.97
5. State Street Global Advisors (US) 3.52 56.64
6. BlackRock Institutional Trust Co 3.14 50.58
7. Capital Research Global Investors 2.73 44.01
8. JP Morgan Asset Management 2.60 41.83
9. Berkshire Hathaway Inc 2.48 40.00
10. Franklin Advisers Inc 1.85 29.81
11. Capital World Investors 1.31 21.13
12. Franklin Mutual Advisers Llc 1.27 20.42
13. Invesco Advisers Inc 1.25 20.09
14. Fidelity Management & Research Co 1.19 19.19
15. Appaloosa Management LP 0.92 14.86
Source: SEC filings
Compiled by Ben Klayman in Detroit; editing by Matthew Lewis
Our Standards: The Thomson Reuters Trust Principles.
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