G.M. STOCK MUST GO

Press, Volume CI, Issue 29763, 5 March 1962, Page 3

G.M. STOCK MUST GO

Court Order To Du Pont (N.Z. Press Assn. —Copyright) CHICAGO, March 2. A Federal Judge has ordered the Du Pont Company to dispose of its General Motors ' Corporation stock within 34 months. He directed Du Font’s holding company, Christiana Securities Company, to divest itself of its G.M. stock within three years, United Press International reported. United States District Judge Walter J. La Buy also ruled that 124 Christiana shareholders must within 10 years get rid of 8.6 Million shares of G.M, stock they now own and any shares they acquire from Christiana in the divestiture plan. The judge’s 26-page order set forth a detailed plan by which the Du Pont company and family should dispose of their 63 million shares in the big automotive company without throwing the stock market into turmoil. Du Pont stock on the New York Stock Exchange jumped four points immediately after the Court’s ruling was announced, but lost the gain within 40 minutes. The United States Supreme Court decreed in 1957 that the E. I. Du Pont de Nemours and its parent firm must give up their 3400 million dollar interest in General Motors to end what the Court ruled was a longstanding violation of the anti-trust laws. Judge La Buy agreed with the Justice Department’s contention that the divestiture plan must not permit concentration of G.M. stock in the hands of members of the Du Pont family. Court officials said the Government won about 95 per cent, of what it asked in prolonged hearings on the stock disposal plan, U.PJ. reported.