US Treasury to Sell Remaining Stakes in General Motors

US Treasury to Sell Remaining Stakes in General Motors

Last December, the U.S. Department of Treasury announced that it would sell of its remaining shares of General Motors within the next 12 to 15 months.

The Treasury Department announced today that it would begin another round of sales of GM stock, of which it still has 241.7-million shares of, or nearly 18 percent. General Motors is looking forward to closing the chapter on the bailout; the American automaker believes it has had an adverse effect on its sales due to customers disagreeing with the bailout.

After GM’s IPO last November, the Treasury’s share of the automaker’s common stock fell to 32 percent of its value. Last week, GM came within 56 cents of its IPO price of $33.

By the end of March 2013, the U.S. government had received $30.4 billion of the $49.5 billion used to bailout GM.

[Source: Automotive News]

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