March 28 (Reuters) - General Motors Co :
* GM statement regarding shareholder proposal and slate from Greenlight Capital
* Says expects to return approximately $7 billion in cash to shareholders in 2017
* Confirmed board and management have analyzed and rejected non-binding proposal that Greenlight Capital intends to submit for vote
* Has "unanimously determined not to recommend any of Greenlight’s nominees for election to the board"
* Says Greenlight's proposal relates to eliminating dividend on existing GM common stock and distributing unprecedented new dividend-focused security
* Greenlight's proposal to eliminate co's common dividend to fund separate dividend "is not in best interests of shareholders"
* GM says "for seven months, we’ve extensively reviewed the proposed dual-class structure, as well as other capital allocation strategies"
* Concluded that continuing to execute strategy & adhering to current "capital allocation framework is the best path to deliver increased value"
* GM says Greenlight has also nominated a slate of four candidates for election to GM’s board of directors Source text - bit.ly/2o7jk2M Further company coverage: