GM announces stock buyback deal
GM will have less cash on its books, after making a deal with an activist investor unhappy with the company's stock performance.
GM agreed to buy back $5 billion worth of its stock, to appease investors led by Harry Wilson. Wilson was a member of the Auto Task Force in 2009 which took GM through bankruptcy.
He'd threatened to run for GM's board as a hostile candidate, to try to force GM to make an $8 billion stock buyback.
GM also said it would invest $9 billion in 2015, with the objective of driving a 20% or higher return on invested capital.
Its target cash balance will be $20 billion, and the automaker also plans to return all available free cash flow to investors.