DETROIT, Aug 22 (Reuters) - General Motors Corp. said on Friday that it would begin seeking shareholder approval early next month for the planned split-off of its Hughes Electronics Corp. unit.
Under the deal, which still needs the approval of federal regulators, GM will sell its approximately 19.8 percent interest in Hughes to News Corp. , the media conglomerate controlled by Rupert Murdoch. News Corp. would acquire additional shares of Hughes, which controls the largest U.S. satellite TV service, from former GM Class H common stockholders.
Holders of record GM $1-2/3 par value and GM Class H common stock as of Aug. 1, 2003 will be eligible to vote on the Hughes split-off, GM said in a statement.