U.S. Treasury announces plan for remaining GM stock
After General Motors bought 200 million shares back from the U.S. government last month, the government's stake in GM was down to about at 19 percent.
Today, the U.S. Treasury Department announced it has a "pre-arranged written trading plan" for selling its remaining 300.1 million shares of GM stock.
The process is expected to take place over the next year to 15 months ("subject to market conditions"), and will end almost four years of partial government ownership of the car maker.
The sale of the remaining stock would be carried out by JPMorgan Securities and Citigroup Global Markets.
From the U.S. Treasury's press release:
Treasury’s sale of its GM common stock is part of its continuing efforts to wind down the Troubled Asset Relief Program (TARP). To date, Treasury has already recovered nearly 93 percent ($387 billion) of the funds disbursed through TARP ($418 billion).
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.