Exclusive: GM turns to banks for advise on dealing with Harry Wilson

[February 12, 2015]  By Ben Klayman and Soyoung Kim

DETROIT/NEW YORK (Reuters) - General Motors Co has turned to two investment banks to help it come up with a response to shareholders demanding $8 billion in stock buybacks and a seat on the No. 1 U.S. automaker's board, the company told Reuters.

The automaker is working with Morgan Stanley and Goldman Sachs Group Inc  for advice on how it should deal with former U.S. auto task force member Harry Wilson and four hedge funds that are pushing for the company to dip into its $25 billion in cash, GM said on Thursday.

Morgan Stanley and Goldman Sachs declined to comment.

(Reporting by Ben Klayman and Soyoung Kim)

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