Hedge fund Hayman Capital has taken a stake in General Motors Co and believes the U.S. automaker's stock is poised to rise more than 40 percent over the next 12-18 months after the U.S. Treasury finishes exiting its stake in the company, Bloomberg reported on Wednesday.
The stake Hayman Capital Management LP has taken in GM is one of the Dallas-based hedge fund's largest investments, Bloomberg said, citing a unidentified person familiar with the matter.
GM shares were up 3.6 percent, or $1.36, to $39.50 in midday trading on the New York Stock Exchange.
J. Kyle Bass, managing partner and founder of Hayman, who in a presentation online called GM a "compelling" investment, could not immediately be reached to comment.
GM declined to comment to Reuters. A spokesman told Bloomberg the company was not aware of any position Hayman had taken.
Hedge fund Hayman Capital takes stake in GM-report
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