General Motors announced a $5 billion stock buyback Monday, a move that will end a potential battle with a group of shareholders about how the automaker uses its cash.
Shares of GM rose 2% in premarket trading following the news. The stock has rebounded sharply from the worst of last year’s recall crisis and is now near its 52-week high.
As a result of GM’s move, shareholder Harry Wilson, a former hedge fund manager who helped GM restructure during its bankruptcy a few years ago, said he would no longer seek a board seat at the company.
