March 9, 2015 / 11:35 AM / 4 years ago

GM to launch $5 billion share buyback

DETROIT, March 9 (Reuters) - General Motors Co. said Monday it will launch a $5 billion share buyback and put forward a new plan for capital allocation that promises investors the potential for further cash returns.

GM reached a deal with an investor group that averts a proxy fight. As part of the agreement, investor Harry Wilson will drop his effort to get a seat on GM’s board. Wilson praised the company’s capital plan.

Reporting By Joe White; Editing by Chizu Nomiyama

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