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GM’s shareholder’s meeting has ended, but the dust hasn’t settled. GM plans to eliminate 25,000 jobs in the U.S. by
2008 and will close more plants to help get production capacities in check. GM did not identify which plants will
be targeted. GM’s Chairman and Chief Executive Rick Wagoner said the cuts would generate $2.5 billion in savings.
Healthcare remained a huge issue with Wagoner citing a cost of $1,500 a car to pay for employee benefits. GM’s shares
rose slightly in early morning trading. It also looks like GM will ignore
Kerkorian’s offer to purchase 28 million shares of GM
stock. The offer expires today.