Date: 29th August 2000

ICAHN Set To Pounce On GM?

As part of a maneuver to try to force General Motors to sell off Hughes Electronics, the operator of DirecTV, billionaire corporate raider Carl Icahn has informed the auto maker that he is seeking to buy as much as 15 percent of the company, Business Week reports in its current (Sept. 4) issue.

The magazine said that Icahn is seeking to form an alliance with other large GM investors to force the sale. The most likely buyer, Business Week observed, would be Rupert Murdoch's News Corp, which has extensive satellite-TV holdings in Europe, Asia and Latin America, but not in the U.S.

Source: Studio Briefing