Delphi Buys Back Ownership from General Motors and U.S.
Autoparts supplier Delphi said its buying back ownership from General Motors and the U.S. for $4.4 billion dollars. Delphi is paying G.M. $3.8 billion and $594 million to Pension Benefit Guaranty Corp for the share that are held by both, respectively. Find out more after the jump.According to mlive.com:
“These transactions represent an important step in positioning Delphi to continue to increase shareholder value,” Delphi President and CEO Rodney O’Neal said in a statement.
Mlive.com also wrote:
GM said it will book a gain of $1.6 billion from the sale. It paid $1.7 billion for the stake in Delphi in 2009, but that was revalued at $2 billion at the end of last year. GM also noted that it sold its preferred stock in Ally Financial for $1 billion earlier this month, for a first-quarter gain of $300 million.
Find out more information by reading the full story at mlive.com