Biz-novosti

GM shareholders reject splitting stock


General Motors shareholders have overwhelmingly turned down an activist shareholder's plan to split the company's stock into two classes.

Initial outcomes revealed over 91 percent of investors voted against Greenlight's proposition to have automaker's offer dividend and capital appreciation shares, as per GM authorities at the automaker's yearly shareholders' meeting.

All 11 GM directors also were re-elected, with shareholders rejecting the three candidates backed by Greenlight.

"GM shareholders recognize the speculative nature of this proposal and its potential adverse consequences", Kudla, a hedge fund manager and known opponent of Greenlight's proposal, told Benzinga.

At time of publication, GM shares were trading around $34.19, down 0.8 percent on the day.

"That's a stake that we put in the ground and now we plan to move that back", Barra said at a press conference held prior to GM's annual shareholders meeting.

Tube stations shut after London Bridge incident
Police boats were searching the river - apparently looking for people who may have been thrown off the bridge, she said . Pence also tweeted, "Our thoughts & prayers are w/ the victims, courageous first responders & all the people of London".

"We value all input from all of our shareholders and we have thoroughly and objectivity analyzed their ideas", Barra said. Greenlight controls about 3.6 percent of GM shares, and is now the fifth-largest public shareholder, the fund said in regulatory filings.But Einhorn's pitch to rework GM's capital structure flopped with debt rating agencies, which said Einhorn's plan could hurt the automaker's credit rating, and he failed to rally other shareholders to his cause.

GM management had initially considered the proposal but grew wary of the risk, CEO Mary Barra said at the meeting.

Chairman and CEO Barra met with reporters Tuesday morning ahead of the 9:30 a.m. shareholders gathering. Steering GM to the future could yet be a rocky road. Ford Motor Co.in May ousted its chief executive, Mark Fields, who like Ms. Barra took over in 2014 after a career climbing the ranks. "We do want to unlock the value, but we want to make sure we do it in a way that is going to create long-term value from a company perspective". He congratulated the management team on its latest "win".

GM announced an agreement to sell its European division to PSA Groupe in March for $2.2 billion and said in May it would no longer sell vehicles in India or South Africa.

Ms. Barra said GM continues to look at different structures that could attract growth investors, but also cautioned numerous tech-based pieces of the business are intertwined with GM's broader vehicle-making efforts.

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