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Investment group gets 5.8% of General Motors

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Investment group gets 5.8% of General Motors

General Motors, the U.S. based automaker said Tuesday that Capital Research Global Investors has acquired more than 5 percent of its shares, Detroit News reports.

According to a filing, GM said the Los Angeles-based firm now owns more than 92 million shares or 5.8 percent of the company.

General Motors (GM) is expected to report lower fourth-quarter earnings per share as the struggling European operations of the top U.S. automaker offset strong domestic sales.

It made $8 billion last year, a record high, and regained enough global market share to once again become the world’s biggest automaker, a title it had lost to Toyota.
However Bloomberg expects that tomorrow’s quarterly profit will be “GM’s lowest since it emerged from bankruptcy in 2009,” despite record sales in the U.S. and China.

Adam Jonas, an analyst at Morgan Stanley Jonas, estimates the value of GM’s European operations at a negative $8 billion. The automaker’s China business would be worth $10 billion, he said.

The Capital Group Companies is one of the world’s largest investment management organizations with assets of around one trillion USD under management.
It comprises a group of investment management companies, including Capital Research and Management, American Funds, Capital Bank and Trust, Capital Guardian, and Capital International

Source: DetNews

by Mircea Serafim (my Google+) - Wednesday, February 15th, 2012 - filed under General Motors, Industry, News. Image credit: REUTERS / Jeff Kowalsky.
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