US motoring mammoth General Motors (GM) have avoided potential friction with key shareholders by mentioning the fact they will be buying back their own shares.
The story was reported by the BBC:
"The move follows a threat from activist investor Harry Wilson to join its board and force it to buy back shares.
Mr Wilson represents four hedge funds, which together own 34.4 million GM shares or about 2.1% of the company.
It means GM will buy its own shares and cancel them, theoretically improving the value of the remaining shares."
The main result of the buyback will mean the remaining shares are of better quality and more value so if you have some GM shares, you may be in for a win!