Yesterday's Wall Street Journal noted that Goldman Sachs now holds a 5.2% stake in GM.
Are they betting on a takeover, or girding for the kind of shareholder activist campaign that Relational used to get a seat on Home Depot's board? Or of the type that Kirk Kerkorian failed with last year? Or, is Goldman simply being opportunistic, hoping for a quick "pop" in the stock price, before unloading their shares?
I haven't seen much discussion about this, for example, on CNBC. Isn't this surprising? When a noted equity house, asset manager, private equity funder and player, and M&A powerhouse takes such a large interest in an ailing company?
What's the likely implication for GM shareholders? I'd guess very good, since GS is comprised of a bunch of smart, tough financial sharks. I suppose the big question is whether Rick Wagoner is or would be more fearful of Goldman's no-nonsense bankers than he was (not) of Kirk Kerkorian.
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