U.S. to Sell Remaining GM Shares This Year

The U.S. Dept. of the Treasury says it intends to sell its remaining 31.1 million shares in General Motors Co. by the end of this year.

The equity, equal to 2.2% of GM, is worth about $1.2 billion at today's stock price. So far the Treasury Dept. has sold more than 70 million shares and recovered $38.4 billion of the $49.5 billion it invested in GM's bailout four years ago.

The government says it will begin the final selloff today. It said previously it would dispose of its GM stake sometime in 2014.

Canada still owns 110 million shares in GM. But unlike the Treasury Dept.'s stake, Canada's holding does not include restrictions on dividends and how GM compensates its senior executives.