Hayman Capital Management LP has taken a stake in General Motors Co., said a person familiar with the matter, indicating further investor confidence in the auto industry’s recovery as the U.S. winds down its ownership role.
A profitable General Motors Co. is poised to shake off a half decade of U.S. government oversight next month, underscoring the comeback of a once-moribund industry and gaining leeway over a $26.8 billion cash pile that it can use to lure talent while weighing a dividend.
General Motors Co. was raised to investment grade for the first time in eight years and moved to continue paying back stakeholders from its 2009 bailout with plans to buy preferred shares held by a union health-care trust.
Ford Motor Co. , after increasing its share of the U.S. light-vehicle market for the last two years, is falling short of its retail goal this year, which may put pressure on the automaker to offer larger discounts.
Ford Motor Co. Chief Executive Officer Alan Mulally said he plans to stay with the automaker as it works to regain its investment-grade credit rating and restore the common stock dividend it suspended five years ago.