GM says no UAW health care deal yet, talks continue

General Motors Corp remains in talks with the United Auto Workers union on how to restructure the $20 billion it owes to a retiree health care fund and has not reached a deal, a spokeswoman for the automaker said on Friday.

There is no deal yet and talks continue, GM spokeswoman Renee Rashid-Merem said on Friday.

Under the terms of GM's federal bailout, the UAW has faced pressure to take stock in the automaker rather than cash for half of the amount that GM still owes to a union-affiliated retiree health care trust.

CNBC reported earlier on Friday that GM had offered the union $10 billion in preferred stock at 9 percent to settle its remaining health care obligation. GM had no comment on that reported offer.

(Reporting by Kevin Krolicki)