The United States Treasury has initiated a plan to sell its remaining 300.1 million shares of General Motors stock, hoping to divest itself of its 19 percent stake within the next 12 to 15 months.
According to the Treasury, shares will be sold back over the year in order to not disrupt the trading price if all the shares were unloaded at once. It remains to be seen just how much the bailout of GM will cost U.S. taxpayers, but it could be in the billions when all said and done.
The Treasury Department has brought on J.P. Morgan Securities and Citigroup Global Markets to sell its remaining shares, and released a statement saying that “there will be opportunities for smaller broker dealers, including women and minority-owned broker dealers, to participate in the sale of Treasury’s remaining GM common shares pursuant to the plan.”
[Source: Detroit Free Press]
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