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U.S. Hires Advisers to Aid Sale of Its GM Shares
The U.S. Dept. of the Treasury has hired Citigroup Inc. and JPMorgan Chase & Co. to manage the sale of the government's remaining 300.1 million shares of General Motors Co. stock.
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The U.S. Dept. of the Treasury has hired Citigroup Inc. and JPMorgan Chase & Co. to manage the sale of the government's remaining 300.1 million shares of General Motors Co. stock.
The company agreed in December to buy 200 million of the Treasury Dept.'s GM shares for $5.5 billion, or $27.50 per share. The government said at the time that it planned to divest its remaining stock 19% of the company's equity over the next 12 to 15 months.
GM shares closed at $29.49 on Thursday.
The Treasury Dept. took a 60.8% stake in GM when the company emerged from bankruptcy in July 2009 after a $49.5 billion U.S. bailout. The government sold more than 412 million shares for $13.5 billion at the company's initial public offering in November 2010.