(MENAFN) A group of investors demand that General Motors Co. give back more of its USD25 billion cash hoard, challenging the company's plan for building itself and rewarding shareholders, Arab News reported.
GM's chief financial officer have signaled they will recommend returning more of the cash once the automaker knows how much it will have to spend to resolve legal issues related to the recalls of millions of cars.
Wilson and a group of hedge funds are pressing GM to buy back USD8 billion in stock over the 12 months following its June annual meeting, and agree to give Wilson and possibly other shareholders seats on its board.
"Having a very, very strong balance sheet is wise, but we're beyond wisdom and into excess capital," portfolio manager at Westwood Management in Dallas, which owns GM shares, said.
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