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twitterCasino owner accumulating stake in GM stock
Monday, Aug. 21, 2000 | 11:57 a.m.
DETROIT -- Financier and casino owner Carl Icahn has begun accumulating a stake in General Motors, the world's largest company, in a move that will increase pressure on the automaker to spin off its most valuable asset, Hughes Electronics.
Icahn sent GM a short letter on Wednesday describing his intention to buy at least $15 million of the automaker's stock and up to 15 percent of the company's outstanding shares, GM said in a statement Friday.
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