Capital Research Dumping GM Stock

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General Motors Corp.’s second-largest stockholder has sold 13.4 million of the company’s shares since the end of June, BusinessWeek Online reports, cititng an Associated Press story.


Capital Research and Management Co., a Los Angeles-based company that manages the American Funds mutual funds, held 60.9 million shares of GM common stock as of June 30, about 10.8 percent of GM’s outstanding shares, according to the LionShares.com Web site.


Capital Research spokesman Chuck Freadhoff would not comment on the sale, saying the company does not publicly discuss its holdings.


In a filing with the federal Securities and Exchange Commission on Monday, Capital Research said it now owns about 47.6 million shares, or 8.4 percent.


Read the full BusinessWeek story

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