Treasury Announces Sales Plan for GM Stock

WASHINGTON (AP) -- The U.S. Treasury Department says it has come up with a plan on how it will sell the remaining 300.1 million shares of stock it owns in General Motors (NYSE: GM  ) . The process will bring to an end almost four years of partial government ownership of the car maker.

Treasury said Friday that the plan would be implemented by JPMorgan (NYSE: JPM  )  Securities and Citigroup (NYSE: C  ) Global Markets, the two financial firms it has hired to sell its remaining GM stock.

Treasury would not reveal specific details of the sales plan or provide further information on timing. But officials said that the timing has not changed from December's announcement that it would sell the remaining stock shares over the next 12 to 15 months, subject to market conditions.


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2204522, ~/Articles/ArticleHandler.aspx, 4/18/2014 2:35:13 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement