GM Redeems Preferred Shares

General Motors Co. spent $3.9 billion in December to redeem 156 million remaining Series A preferred shares.

The purchase will reduce fourth-quarter net income by about $800 million, according to the company.

The stock was held by the Canada General Investment Corp. and United Auto Workers Retiree Medical Benefits Trust. GM issued the preferred shares as part of its bankruptcy restructuring in 2009.