US Treasury says agrees to be shareholder in GM IPO

WASHINGTON, Aug 18 (BestGrowthStock) – The U.S. Treasury Department
said on Wednesday it has agreed to be named as a selling
shareholder in General Motors’ initial public offering, and
will retain the right, at all times, to determine its level of
participation in the IPO.

The Treasury — which owns 60.8 percent of GM’s common
stock and $2.1 billion of its Series A preferred stock — said
the IPO would not include any of the government’s preferred
stock.

The government did not indicate its future plans to fully
shed its stake in the automaker.

GM on Wednesday afternoon filed with regulators for an IPO
worth up to $100 million, clearing a key hurdle toward repaying
taxpayers for a controversial bailout just over a year after
its bankruptcy.
(Reporting by Karey Wutkowski; Editing by Neil Stempleman)

US Treasury says agrees to be shareholder in GM IPO