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GM Pension Fund Sells News Corp. Shares

March 18, 2004|From Bloomberg News

General Motors Corp. said Wednesday that its pension fund had sold a "majority" of its 30 million U.S.-traded shares of News Corp.

The fund received the preferred shares, each worth four ordinary shares, as part of the sale of its controlling stake in Hughes Electronics of El Segundo to Sydney, Australia-based News Corp. on Dec. 22, GM spokesman Jerry Dubrowski said.

The transaction follows GM's sale in January of 28.6 million News Corp. shares, also payment for Hughes Electronics.

From Bloomberg News

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