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Automaker shares drop before expected Senate vote

NEW YORK
Thu Dec 11, 2008 9:45am EST

NEW YORK (Reuters) - Shares of General Motors Corp and Ford Motor Co fell sharply on Thursday ahead of an expected Senate vote on a rescue plan for the ailing automakers.

GM shares fell 12 percent to $4.03, while Ford shares fell 5.5 percent to $3.07.

The proposal, providing up to $14 billion in loans to the beleaguered companies, was cleared by the House of Representatives by 237-170 on Wednesday. Still, its prospects looked grim in the Senate.

(Reporting by Deepa Seetharaman, Editing by Chizu Nomiyama)


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