GM raises convertible bond offering to $1.3 bln

Newswire

NEW YORK, May 24 (Reuters) - General Motors Corp. said on Thursday it had increased the size of its convertible bond offering to $1.3 billion from $1.1 billion after a favorable response from the market. The net proceeds to GM from the issue will be about $1.2 billion, it said. The offering comes just ahead of crucial labor talks with the United Auto Workers. GM may be able to use the proceeds for a strike fund, allowing it to survive at least a short strike, Lehman Brothers analyst ...

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