GM contributes Hughes stock to employee plan


DETROIT, Feb 28 (Reuters) - General Motors Corp. said on Friday it will contribute 150 million of its Hughes Electronics Corp. shares to its employee benefit plans, which have become underfunded partly due to the drop in the stock markets. The contribution, which will cut GM's operating expenses for its benefit plans in 2003, will reduce GM's economic interest in its wholly-owned Hughes unit to about 20 percent from 30.7 percent, GM said. GM, the world's largest automaker, also said it ...

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