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UAW to own 20% of GM

Posted Wednesday, May 27, 2009, 1:38 pm in Employee News

United Auto Workers leaders representing 61,000 hourly employees agreed Tuesday to accept up to 20 percent of General Motors Corp. stock—about half of what was previously expected—and significant concessions on labor rules and retiree health care obligations, The Detroit News reported.

Several UAW officials expressed resignation after voting for the concessions pact, the paper said. Voting starts today among rank-and-file members, the story said.

The UAW health care trust fund has agreed to accept 17.5 percent of GM’s common stock, $6.5 billion of preferred shares and a $2.5 billion note, plus warrants equal to 2.5 percent of GM’s stock, the News said. The UAW trust fund will receive $585 million annually in interest income on its preferred stock, the story said. (The Detroit News)


Posted Wednesday, May 27, 2009, 1:38 pm in Industry

United Auto Workers leaders representing 61,000 hourly employees agreed Tuesday to accept up to 20 percent of General Motors Corp. stock—about half of what was previously expected—and significant concessions on labor rules and retiree health care obligations, The Detroit News reported.

Several UAW officials expressed resignation after voting for the concessions pact, the paper said. Voting starts today among rank-and-file members, the story said.

The UAW health care trust fund has agreed to accept 17.5 percent of GM’s common stock, $6.5 billion of preferred shares and a $2.5 billion note, plus warrants equal to 2.5 percent of GM’s stock, the News said. The UAW trust fund will receive $585 million annually in interest income on its preferred stock, the story said. (The Detroit News)
 
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