GM plans to repurchase 40 million of its shares.

The auto maker said it will spend up to $1.95 billion to repurchase shares of its three classes of stock. The stock will be used for acquiring other firms, stock bonuses for executives, employee savings plans and "other corporate purposes," the company said. General Motors said it intends to repurchase up to 10 million shares of its common stock out of more than 316 million outstanding.

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