Shareholders Ok Eds Split From Gm

Electronic Data Systems Corp. achieved its independence Friday, more than a dozen years after General Motors Corp. bought the information company from Dallas billionaire Ross Perot.

The companies announced that an overwhelming vote by stockholders would allow EDS to split off from GM, a plan that was approved by the GM board in April.

GM will receive a one-time $500 million payment from its former subsidiary, which operates computer systems for big companies and governments.

Under terms of the split, all shares of GM Class E common stock will be exchanged for one share of EDS common stock.

The deal valued EDS at more than $25 billion, 10 times the amount that GM paid when the company bought out Perot.

In its final day of trading, GM Class E common stock was down $1.37-1/2 at $57.12-1/2 a share Friday afternoon on the New York Stock Exchange, where GM was off $1.75 at $54.50.