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Delphi Buys Back Ownership from General Motors and U.S.

Delphi Buy Shares Back from GM
Bill Pugliano, Getty Images

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

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