GM Shareholders OK News-Hughes10/06/2003 10:11 AM Eastern
General Motors Corp.’s shareholders Monday approved News Corp.’s proposed acquisition of GM’s Hughes Electronics Corp. unit, parent of direct-broadcast satellite provider DirecTV Inc., Reuters reported.
GM said about 94% of voting holders of its common shares and Hughes shares voted in favor of the proposals. More than 65% of the combined GM and Hughes shareholders cast votes.
The merger agreement is still being examined by the Department of Justice and the Federal Communications Commission. GM said it expects a decision later this year or in early 2004.