UPDATE 2-GM close to reintroducing common stock dividend, CFO says

Sun Jan 12, 2014 7:41pm EST

DETROIT Jan 12 (Reuters) - General Motors Co's chief financial officer said on Sunday that the U.S. automaker is close to reintroducing a common stock dividend, but he declined to provide any details on timing.

"It's clear to us that investors are anticipating a dividend," Dan Ammann, who is set to become GM president on Thursday, said on the sidelines of the North American International Auto Show in Detroit.

"We're closer than we have been given all the actions that we have taken, investment grade rating, all of that. When we have something to announce we'll do it."

GM last paid a dividend on its common stock in May 2008.

Ammann also said he believed the European car market has bottomed but wasn't sure how fast it would rebound.

He said GM continues to believe it will break even financially in Europe - where it currently loses money - by mid-decade.

Mary Barra, who will succeed Dan Akerson as GM CEO later this week, said the automaker would continue to strive to offer good values to customers after she takes the helm.

Barra, a Detroit-area native and GM "lifer" who started with the company as an 18-year-old intern in 1980, will be the automaker's first-ever female chief executive.

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California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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