General Motors (GM) has agreed to buy back 200 million shares from the U.S. Treasury at $27.50 per share, or $5.5 billion. The U.S. Treasury has also announced plans to exit its remaining 300 million share position in GM over the next 12-15 months.
Berkshire Hathaway reported an investment of 15 million shares of GM as of September 30, 2012. This holding, currently valued at over $400 million, was likely purchased by either Todd Combs or Ted Weschler. Combs and Weschler were recently hired by Warren Buffett as portfolio managers for Berkshire. GM shares are up almost 10% in trading today.
This article has been published by Investing.com: