GM reaches tentative deal with UAW that could end first national strike in more than a decade

General Motors Co. and the United Auto Workers have reached a tentative agreement on a new contract, and the union will decide Thursday whether to continue a more than month-long strike while the deal is voted on by members.

GM shares rose as much as 2.6 per cent to US$37.22, the highest intraday in two weeks. The UAW’s statement didn’t provide details on the deal reached with the company. Issues that have divided the automaker and union since the strike took effect Sept. 16 included allocation of future product to plants GM said last year no longer have vehicles to build, the treatment of temporary workers and the rising cost of health-care coverage.

$2 Billion BlowWith plants across the U.S. idled and shutdowns spilling over into Mexico and Canada, the automaker is losing about US$100 million a day in earnings before interest and taxes, John Murphy, a BofA analyst who recommends buying GM shares, wrote in a research report Tuesday. And in addition to the profit-sharing they’ll miss, Murphy estimates UAW members have probably forgone as much as US$4,000 in net take-home pay.

Kinda surprised you didn't use a picture of a Unifor striker instead

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