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General Motors (GM) has announced an expensive $5 billion share back and high dividends to return all free cash (beyond a $20 billion reserve) to shareholders, to avoid having Harry Wilson on the board ofcompany that once dominated the world’s car markets. Mr. Wilson, who had been part of the task force which restructuredGM in 2009, had demanded an $8 billion buyback. In both cases, the deadline is 2016, but the company said the stock buyback would start now. GM will retain a $20 billion cash reserve, lower than its prior target of $20-25 billion; it currently has $25.2 billion... more (full story/sharing links)
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