GM Alters Hughes Holding as Sale Approaches

04 March 2003

The identity of the eventual buyer may still be a matter of conjecture, but General Motors has taken significant steps to ensure it gets the most from a sale of its Hughes Electronics unit.

The auto giant has reduced its stake in Hughes – owner of leading US satellite-TV broadcaster DirecTV – from 31% to 20% after contributing 11% to its pension fund.

The move makes it easier for GM to offload its Hughes holding without landing a huge tax bill.

Data sourced from: Financial Times; additional content by WARC staff