The $100 billion General Motors Pension Trusts are preparing to unload more stock of Electronic Data Systems Corp., Plano, Texas.
EDS filed a shelf registration with the Securities and Exchange Commission to allow the $40 billion General Motors Special Hourly Employees Pension Trust to sell up to 36.7 million shares of EDS common stock, worth $95 million at its Aug. 6 closing price of 58 7/16.
It was about a year ago that the fund took advantage of the addition of EDS to the Standard & Poor's 500 index by selling 11.5 million of the approximately 126.5 million shares of EDS stock owned by the pension plan. The fund made a profit of about $13 million on the sale.
When the stock was contributed to the plan in 1995 it sold at $39 a share. In the past year, the stock's high was 67 3/8, and low, 30 7/16.
Most of the shares in the first sale were sold to S&P 500 index funds, which had to add EDS stock to their portfolios.
By filing the shelf registration, under which the seller is expected to make a good-faith effort to sell all the securities within a two-year period, the fund can sell EDS stock whenever a good opportunity arises during the period.
Mark Tanner, a GM spokesman, refused to say why the fund is selling the shares.
If it sells all the shares registered, the fund will still own more than 7% of the EDS shares outstanding, down from slightly more than 20% now.