GM to buy back preferred shares

General Motors said yesterday it would buy back just under half of its preferred shares held by the United Auto Workers healthcare trust for about $3.2bn, cutting costs by financing the deal with lower-cost debt. To finance the purchase of 120m of the Series A preferred stock from the UAW Retiree Medical Benefits Trust at $27 a share, GM said it would raise funds with a debt offering. GM did not specify how much it would raise but said the debt would be five-, 10- and 30-year senior unsecured notes,